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2023-06-30
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
xbrli:pure
FGF:Integer
FGF:Segment
iso4217:CAD
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One)
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the Quarterly Period Ended June 30, 2024
Or
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission
File Number: 001-36366
Fundamental
Global Inc.
(Exact
name of registrant as specified in its charter)
Nevada |
|
46-1119100 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(I.R.S.
Employer
Identification
No.) |
108
Gateway Blvd, Suite 204, Mooresville, NC 28117
(Address
of principal executive offices and zip code)
(704)
994-8279
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former
name, former address and former fiscal year, if changed since last report)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common Stock, $0.001 par
value per share |
|
FGF |
|
The Nasdaq Stock Market
LLC |
8.00% Cumulative Preferred
Stock, Series A, $25.00 par value per share |
|
FGFPP |
|
The Nasdaq Stock Market
LLC |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller
reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated
filer ☐ |
|
Accelerated
filer ☐ |
|
Non-accelerated filer
☒ |
|
Smaller Reporting
Company☒ |
|
Emerging Growth
Company ☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
☐ No ☒
The
number of shares outstanding of the registrant’s common stock as of August 9, 2024 was 28,566,164.
Table
of Contents
PART
I. FINANCIAL INFORMATION
ITEM
1. FINANCIAL STATEMENTS
Fundamental
Global Inc.
Condensed
Consolidated Balance Sheets
(in
thousands, except share and per share data)
| |
June 30, 2024
(unaudited) | | |
December 31, 2023 | |
ASSETS | |
| | | |
| | |
Cash and cash equivalents | |
$ | 5,850 | | |
$ | 5,995 | |
Accounts receivable (net of credit allowances of $53 and $40, respectively) | |
| 4,243 | | |
| 3,529 | |
Inventories, net | |
| 2,548 | | |
| 1,482 | |
Equity securities, at fair value (cost basis of $9,106 and $8,679, respectively) | |
| 5,063 | | |
| 10,552 | |
Investments | |
| 38,491 | | |
| 17,469 | |
Property, plant and equipment, net | |
| 3,118 | | |
| 11,115 | |
Operating lease right-of-use assets | |
| 295 | | |
| 371 | |
Finance lease right-of-use assets | |
| 1,071 | | |
| 1,258 | |
Deferred policy acquisition costs | |
| 1,637 | | |
| - | |
Reinsurance balances receivable (net of current expected losses allowance of $121 and $0, respectively) | |
| 18,139 | | |
| - | |
Funds deposited with reinsured companies | |
| 8,055 | | |
| - | |
Assets of discontinued operations | |
| 8,396 | | |
| 9,886 | |
Other assets | |
| 1,498 | | |
| 486 | |
Total assets | |
$ | 98,404 | | |
$ | 62,143 | |
| |
| | | |
| | |
LIABILITIES | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 6,832 | | |
$ | 4,834 | |
Deferred revenue and customer deposits | |
| 1,157 | | |
| 867 | |
Loss and loss adjustment expense reserves | |
| 9,742 | | |
| - | |
Unearned premium reserves | |
| 7,781 | | |
| - | |
Operating lease liabilities | |
| 338 | | |
| 421 | |
Finance lease liabilities | |
| 1,100 | | |
| 1,283 | |
Short-term debt | |
| 2,614 | | |
| 2,294 | |
Long-term debt, net of debt issuance costs | |
| 437 | | |
| 5,461 | |
Deferred income taxes | |
| 2,735 | | |
| 3,075 | |
Liabilities of discontinued operations | |
| 5,142 | | |
| 6,799 | |
Other liabilities | |
| 90 | | |
| 102 | |
Total liabilities | |
| 37,968 | | |
| 25,136 | |
| |
| | | |
| | |
Commitments and contingencies (Note 14) | |
| - | | |
| - | |
| |
| | | |
| | |
SHAREHOLDERS’ EQUITY | |
| | | |
| | |
Series A Preferred Shares, $25.00 par and liquidation value, 1,000,000 shares authorized; 894,580 shares issued and outstanding as of June 30, 2024 | |
| 22,365 | | |
| - | |
Common stock, $0.001 par value; 100,000,000 shares authorized; 28,519,290 and 22,502,656 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively | |
| 29 | | |
| 225 | |
Additional paid-in capital | |
| 50,004 | | |
| 55,856 | |
(Accumulated deficit) retained earnings | |
| (8,390 | ) | |
| 2,336 | |
Treasury stock, 2,794,472 shares at cost as of December 31, 2023 | |
| - | | |
| (18,586 | ) |
Accumulated other comprehensive loss | |
| (5,268 | ) | |
| (4,682 | ) |
Total Fundamental Global stockholders’ equity | |
| 58,740 | | |
| 35,149 | |
Equity attributable to non-controlling interest | |
| 1,696 | | |
| 1,858 | |
Total stockholders’ equity | |
| 60,436 | | |
| 37,007 | |
Total liabilities and stockholders’ equity | |
$ | 98,404 | | |
$ | 62,143 | |
See
accompanying notes to condensed consolidated financial statements.
Fundamental
Global Inc.
Condensed
Consolidated Statements of Operations
(in
thousands, except per share data)
(Unaudited)
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Revenue: | |
| | |
| | |
| | |
| |
Net premiums earned | |
$ | 3,697 | | |
$ | - | | |
$ | 4,472 | | |
$ | - | |
Net investment loss | |
| (4,011 | ) | |
| (3,690 | ) | |
| (7,411 | ) | |
| (7,232 | ) |
Net product sales | |
| 4,782 | | |
| 3,794 | | |
| 9,417 | | |
| 7,564 | |
Net services revenue | |
| 3,406 | | |
| 3,232 | | |
| 6,651 | | |
| 6,137 | |
Total revenue | |
| 7,874 | | |
| 3,336 | | |
| 13,129 | | |
| 6,469 | |
| |
| | | |
| | | |
| | | |
| | |
Expenses: | |
| | | |
| | | |
| | | |
| | |
Net losses and loss adjustment expenses | |
| 2,094 | | |
| - | | |
| 2,460 | | |
| - | |
Amortization of deferred policy acquisition costs | |
| 872 | | |
| - | | |
| 1,156 | | |
| - | |
Costs of products | |
| 3,973 | | |
| 3,542 | | |
| 7,874 | | |
| 6,875 | |
Costs of services | |
| 2,514 | | |
| 2,285 | | |
| 4,880 | | |
| 4,451 | |
Selling expense | |
| 370 | | |
| 161 | | |
| 658 | | |
| 398 | |
General and administrative expenses | |
| 4,104 | | |
| 3,559 | | |
| 7,493 | | |
| 5,693 | |
(Gain) loss on impairment and disposal of assets | |
| - | | |
| (5 | ) | |
| 1,475 | | |
| (5 | ) |
Total expenses | |
| 13,927 | | |
| 9,542 | | |
| 25,996 | | |
| 17,412 | |
Loss from operations | |
| (6,053 | ) | |
| (6,206 | ) | |
| (12,867 | ) | |
| (10,943 | ) |
Other income (expense): | |
| | | |
| | | |
| | | |
| | |
Interest expense, net | |
| (91 | ) | |
| (93 | ) | |
| (233 | ) | |
| (162 | ) |
Foreign currency transaction loss | |
| (5 | ) | |
| - | | |
| (6 | ) | |
| (2 | ) |
Bargain purchase on acquisition and other income, net | |
| - | | |
| 1 | | |
| 1,858 | | |
| 24 | |
Total other (expense) income, net | |
| (96 | ) | |
| (92 | ) | |
| 1,619 | | |
| (140 | ) |
Income tax (expense) benefit | |
| 74 | | |
| 14 | | |
| 91 | | |
| 7 | |
Net loss from continuing operations | |
| (6,075 | ) | |
| (6,284 | ) | |
| (11,157 | ) | |
| (11,076 | ) |
Net income from discontinued operations (Note 4) | |
| 150 | | |
| 893 | | |
| 785 | | |
| 1,694 | |
Net loss | |
| (5,925 | ) | |
| (5,391 | ) | |
| (10,372 | ) | |
| (9,382 | ) |
Net loss attributable to non-controlling interest | |
| (143 | ) | |
| (118 | ) | |
| (160 | ) | |
| (118 | ) |
Dividends declared on Series A Preferred Shares | |
| (447 | ) | |
| - | | |
| (516 | ) | |
| - | |
Loss attributable to common shareholders | |
$ | (6,229 | ) | |
$ | (5,273 | ) | |
$ | (10,728 | ) | |
$ | (9,264 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted net (loss) income per common share: | |
| | | |
| | | |
| | | |
| | |
Continuing operations | |
$ | (0.22 | ) | |
$ | (0.63 | ) | |
$ | (0.51 | ) | |
$ | (1.15 | ) |
Discontinued operations | |
| 0.00 | | |
| 0.09 | | |
| 0.04 | | |
| 0.18 | |
Total | |
$ | (0.22 | ) | |
$ | (0.54 | ) | |
$ | (0.47 | ) | |
$ | (0.97 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average common shares outstanding: | |
| | | |
| | | |
| | | |
| | |
Basic and diluted | |
| 28,518 | | |
| 9,705 | | |
| 22,651 | | |
| 9,564 | |
See
accompanying notes to condensed consolidated financial statements.
Fundamental
Global Inc.
Condensed
Consolidated Statements of Comprehensive Loss
(in
thousands)
(Unaudited)
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Net loss | |
$ | (5,925 | ) | |
$ | (5,391 | ) | |
$ | (10,372 | ) | |
$ | (9,382 | ) |
Adjustment to postretirement benefit obligation | |
| (7 | ) | |
| (4 | ) | |
| (7 | ) | |
| (9 | ) |
Currency translation adjustment: | |
| | | |
| | | |
| | | |
| | |
Unrealized net change arising during period | |
| (166 | ) | |
| 558 | | |
| (659 | ) | |
| 486 | |
Total other comprehensive (loss) income | |
| (173 | ) | |
| 554 | | |
| (666 | ) | |
| 477 | |
Comprehensive loss | |
$ | (6,098 | ) | |
$ | (4,837 | ) | |
$ | (11,038 | ) | |
$ | (8,905 | ) |
See
accompanying notes to condensed consolidated financial statements.
Fundamental
Global Inc.
Condensed
Consolidated Statements of Shareholders’ Equity
(Unaudited)
(in
thousands)
| |
Shares
Outstanding | | |
Amount | | |
Shares
Outstanding | | |
Amount | | |
Paid-In
Capital | | |
(Accumulated
Deficit) | | |
Treasury
Stock | | |
Comprehensive
Loss | | |
Stockholders’
Equity | | |
controlling
Interest | | |
Stockholders’
Equity | |
| |
Preferred
Stock | | |
Common
Stock | | |
Additional | | |
Retained
Earnings | | |
| | |
Accumulated
Other | | |
Total
Fundamental
Global | | |
Non- | | |
Total | |
| |
Shares
Outstanding | | |
Amount | | |
Shares
Outstanding | | |
Amount | | |
Paid-In
Capital | | |
(Accumulated
Deficit) | | |
Treasury
Stock | | |
Comprehensive
Loss | | |
Stockholders’
Equity | | |
controlling
Interest | | |
Stockholders’
Equity | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance at December 31, 2023 | |
| - | | |
$ | - | | |
| 22,503 | | |
$ | 225 | | |
$ | 55,856 | | |
$ | 2,336 | | |
$ | (18,586 | ) | |
$ | (4,682 | ) | |
$ | 35,149 | | |
$ | 1,858 | | |
$ | 37,007 | |
Retirement of treasury stock | |
| - | | |
| - | | |
| (2,794 | ) | |
| - | | |
| (18,586 | ) | |
| - | | |
| 18,586 | | |
| - | | |
| - | | |
| - | | |
| - | |
Exchange of FGH common stock | |
| - | | |
| - | | |
| (19,709 | ) | |
| (225 | ) | |
| 225 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
FGF preferred and common stock outstanding at merger date | |
| 895 | | |
| 22,365 | | |
| 11,449 | | |
| 11 | | |
| 15,576 | | |
| - | | |
| - | | |
| - | | |
| 37,952 | | |
| - | | |
| 37,952 | |
Retirement of FGF common stock held by FGH prior to merger | |
| - | | |
| - | | |
| (2,755 | ) | |
| (3 | ) | |
| (3,692 | ) | |
| - | | |
| - | | |
| - | | |
| (3,695 | ) | |
| - | | |
| (3,695 | ) |
Issuance of common stock in connection with merger | |
| - | | |
| - | | |
| 19,675 | | |
| 20 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 20 | | |
| - | | |
| 20 | |
Non-controlling interest allocation | |
| - | | |
| - | | |
| - | | |
| - | | |
| (17 | ) | |
| - | | |
| - | | |
| - | | |
| (17 | ) | |
| 17 | | |
| - | |
Dividends on Series A Preferred Shares ($0.50 per share) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (69 | ) | |
| - | | |
| - | | |
| (69 | ) | |
| - | | |
| (69 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (4,428 | ) | |
| - | | |
| - | | |
| (4,428 | ) | |
| (17 | ) | |
| (4,445 | ) |
Net other comprehensive loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (437 | ) | |
| (437 | ) | |
| (56 | ) | |
| (493 | ) |
Stock-based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 327 | | |
| - | | |
| - | | |
| - | | |
| 327 | | |
| - | | |
| 327 | |
Balance at March 31, 2024 | |
| 895 | | |
$ | 22,365 | | |
| 28,369 | | |
$ | 28 | | |
$ | 49,689 | | |
$ | (2,161 | ) | |
$ | - | | |
$ | (5,119 | ) | |
$ | 64,802 | | |
$ | 1,802 | | |
$ | 66,604 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (5,782 | ) | |
| - | | |
| - | | |
| (5,782 | ) | |
| (143 | ) | |
| (5,925 | ) |
Net other comprehensive loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (149 | ) | |
| (149 | ) | |
| (24 | ) | |
| (173 | ) |
Non-controlling interest allocation | |
| - | | |
| - | | |
| - | | |
| - | | |
| (61 | ) | |
| - | | |
| - | | |
| - | | |
| (61 | ) | |
| 61 | | |
| - | |
Vesting of restricted stock | |
| - | | |
| - | | |
| 150 | | |
| 1 | | |
| (22 | ) | |
| - | | |
| - | | |
| - | | |
| (21 | ) | |
| - | | |
| (21 | ) |
Dividends on Series A Preferred Shares ($0.50 per share) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (447 | ) | |
| - | | |
| - | | |
| (447 | ) | |
| - | | |
| (447 | ) |
Stock-based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 398 | | |
| - | | |
| - | | |
| - | | |
| 398 | | |
| - | | |
| 398 | |
Balance at June 30, 2024 | |
| 895 | | |
$ | 22,365 | | |
| 28,519 | | |
$ | 29 | | |
$ | 50,004 | | |
$ | (8,390 | ) | |
$ | - | | |
$ | (5,268 | ) | |
$ | 58,740 | | |
$ | 1,696 | | |
$ | 60,436 | |
| |
Shares
Outstanding | | |
Amount | | |
Shares
Outstanding | | |
Amount | | |
Paid-In
Capital | | |
Retained
Earnings | | |
Treasury
Stock | | |
Comprehensive
Loss | | |
Stockholders’
Equity | | |
controlling
Interest | | |
Stockholders’
Equity | |
| |
Preferred
Stock | | |
Common
Stock | | |
Additional | | |
| | |
| | |
Accumulated
Other | | |
Total | | |
Non- | | |
Total | |
| |
Shares
Outstanding | | |
Amount | | |
Shares
Outstanding | | |
Amount | | |
Paid-In
Capital | | |
Retained
Earnings | | |
Treasury
Stock | | |
Comprehensive
Loss | | |
Stockholders’
Equity | | |
controlling
Interest | | |
Stockholders’
Equity | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance at December 31, 2022 | |
| - | | |
$ | - | | |
| 22,264 | | |
$ | 223 | | |
$ | 53,882 | | |
$ | 16,437 | | |
$ | (18,586 | ) | |
$ | (5,258 | ) | |
$ | 46,698 | | |
$ | - | | |
$ | 46,698 | |
Cumulative effect of adoption of accounting principle | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (24 | ) | |
| - | | |
| - | | |
| (24 | ) | |
| - | | |
| (24 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (3,989 | ) | |
| - | | |
| - | | |
| (3,989 | ) | |
| - | | |
| (3,989 | ) |
Net other comprehensive loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (77 | ) | |
| (77 | ) | |
| - | | |
| (77 | ) |
Stock-based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 127 | | |
| - | | |
| - | | |
| - | | |
| 127 | | |
| - | | |
| 127 | |
Balance at March 31, 2023 | |
| - | | |
$ | - | | |
| 22,264 | | |
$ | 223 | | |
$ | 54,009 | | |
$ | 12,424 | | |
$ | (18,586 | ) | |
$ | (5,335 | ) | |
$ | 42,735 | | |
$ | - | | |
$ | 42,735 | |
Balance | |
| - | | |
$ | - | | |
| 22,264 | | |
$ | 223 | | |
$ | 54,009 | | |
$ | 12,424 | | |
$ | (18,586 | ) | |
$ | (5,335 | ) | |
$ | 42,735 | | |
$ | - | | |
$ | 42,735 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (5,273 | ) | |
| - | | |
| - | | |
| (5,273 | ) | |
| (118 | ) | |
| (5,391 | ) |
Net other comprehensive loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 566 | | |
| 566 | | |
| (12 | ) | |
| 554 | |
IPO of Strong Global Entertainment, Inc. and issuance of Landmark warrant,
net of costs | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,383 | | |
| - | | |
| - | | |
| - | | |
| 1,383 | | |
| 225 | | |
| 1,608 | |
Non-controlling interest allocation | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,147 | ) | |
| - | | |
| - | | |
| - | | |
| (1,147 | ) | |
| 1,147 | | |
| - | |
Payments of withholding taxes for net share settlement of equity awards | |
| - | | |
| - | | |
| - | | |
| - | | |
| (104 | ) | |
| - | | |
| - | | |
| - | | |
| (104 | ) | |
| - | | |
| (104 | ) |
Stock-based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 910 | | |
| - | | |
| - | | |
| - | | |
| 910 | | |
| - | | |
| 910 | |
Balance at June 30, 2023 | |
| - | | |
$ | - | | |
| 22,264 | | |
$ | 223 | | |
$ | 55,051 | | |
$ | 7,151 | | |
$ | (18,586 | ) | |
$ | (4,769 | ) | |
$ | 39,070 | | |
$ | 1,242 | | |
$ | 40,312 | |
Balance | |
| - | | |
$ | - | | |
| 22,264 | | |
$ | 223 | | |
$ | 55,051 | | |
$ | 7,151 | | |
$ | (18,586 | ) | |
$ | (4,769 | ) | |
$ | 39,070 | | |
$ | 1,242 | | |
$ | 40,312 | |
See
accompanying notes to condensed consolidated financial statements.
Fundamental
Global Inc.
Condensed
Consolidated Statement of Cash Flows
(Unaudited)
(in
thousands)
| |
2024 | | |
2023 | |
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
Cash flows from operating activities: | |
| | | |
| | |
Net loss from continuing operations | |
$ | (11,157 | ) | |
$ | (11,076 | ) |
Adjustments to reconcile net loss to net cash used by operating activities: | |
| | | |
| | |
Net unrealized holding loss on equity investments | |
| 6,377 | | |
| 4,538 | |
Loss from equity method investments | |
| 1,806 | | |
| 2,694 | |
Gain on acquisition of ICS assets | |
| - | | |
| - | |
Net realized (gain) loss on sale of equity investments | |
| (118 | ) | |
| - | |
Provision for (recovery of) doubtful accounts | |
| 30 | | |
| (26 | ) |
Benefit from (provision for) obsolete inventory | |
| (38 | ) | |
| 30 | |
Provision for warranty | |
| 3 | | |
| 6 | |
Depreciation and amortization | |
| 454 | | |
| 344 | |
Amortization and accretion of operating leases | |
| 168 | | |
| 59 | |
Impairment of property and equipment | |
| 1,405 | | |
| - | |
Gain on merger of FGF and FGF (Note 3) | |
| (1,831 | ) | |
| - | |
Deferred income taxes | |
| (16 | ) | |
| (57 | ) |
Stock compensation expense | |
| 725 | | |
| 1,037 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Reinsurance balances receivable | |
| 967 | | |
| - | |
Deferred policy acquisition costs | |
| 127 | | |
| - | |
Other assets | |
| 634 | | |
| 287 | |
Loss and loss adjustment expense reserves | |
| 707 | | |
| - | |
Unearned premium reserves | |
| (2,964 | ) | |
| - | |
Accounts receivable | |
| (386 | ) | |
| (57 | ) |
Inventories | |
| (1,027 | ) | |
| 395 | |
Current income taxes | |
| (458 | ) | |
| (16 | ) |
Accounts payable and accrued expenses | |
| 1,251 | | |
| 2,210 | |
Deferred revenue and customer deposits | |
| 286 | | |
| (584 | ) |
Operating lease obligations | |
| (123 | ) | |
| (65 | ) |
Net cash used by operating activities from continuing operations | |
| (3,178 | ) | |
| (281 | ) |
Net cash used by operating activities from discontinued operations | |
| (572 | ) | |
| (2,305 | ) |
Net cash used by operating activities | |
| (3,750 | ) | |
| (2,586 | ) |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Capital expenditures | |
| (20 | ) | |
| (121 | ) |
Proceeds from sales of equity securities | |
| 1,154 | | |
| 198 | |
Proceeds from sales of property and equipment | |
| 1,289 | | |
| - | |
Cash acquired in Merger of FGF and FGH | |
| 1,903 | | |
| - | |
Net cash provided by investing activities from continuing operations | |
| 4,326 | | |
| 77 | |
Net cash used in investing activities from discontinued operations | |
| (59 | ) | |
| (283 | ) |
Net cash provided by (used in) investing activities | |
| 4,267 | | |
| (206 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Payment of dividends on preferred shares | |
| (894 | ) | |
| - | |
Principal payments on short-term debt | |
| (97 | ) | |
| (132 | ) |
Payment payments on long-term debt | |
| (185 | ) | |
| (101 | ) |
Proceeds from Strong Global Entertainment initial public offering | |
| - | | |
| 2,411 | |
Payments of withholding taxes for net share settlement of equity awards | |
| - | | |
| (104 | ) |
Payments on finance lease obligations | |
| (120 | ) | |
| (66 | ) |
Net cash (used in) provided by financing activities from continuing operations | |
| (1,296 | ) | |
| 2,008 | |
Net cash provided by financing activities from discontinued operations | |
| 477 | | |
| 1,930 | |
Net cash (used in) provided by financing activities | |
| (819 | ) | |
| 3,938 | |
| |
| | | |
| | |
Effect of exchange rate changes on cash and cash equivalents from continuing operations | |
| 3 | | |
| (3 | ) |
Effect of exchange rate changes on cash and cash equivalents from discontinued operations | |
| (11 | ) | |
| 34 | |
Net (decrease) increase in cash and cash equivalents from continuing operations | |
| (145 | ) | |
| 1,801 | |
Net decrease in cash and cash equivalents from discontinued operations | |
| (165 | ) | |
| (624 | ) |
Net (decrease) increase in cash and cash equivalents | |
| (310 | ) | |
| 1,177 | |
Cash and cash equivalents from continuing operations at beginning of period | |
| 5,995 | | |
| 3,063 | |
Cash and cash equivalents from continuing operations at end of period | |
$ | 5,850 | | |
$ | 4,864 | |
See
accompanying notes to condensed consolidated financial statements.
Fundamental
Global Inc.
Notes
to Consolidated Financial Statements
Note
1. Nature of Business
Fundamental
Global Inc. (“Fundamental Global”, the “Company”, “we”, or “us”), formerly known as FG
Financial Group, Inc. (“FGF”), is engaged reinsurance, asset management/merchant
banking, manufacturing and managed services.
On
February 29, FGF and FG Group Holdings, Inc. (“FGH”) closed the plan of merger to combine the companies in
an all-stock transaction (the “Merger”). In connection with the Merger, FGH common stockholders received one share of FGF
common stock for each share of common stock of FGH held by such stockholder. Upon completion of the Merger, the
combined company was renamed to Fundamental Global and the common stock and Series A cumulative preferred stock of the combined
company continue to trade on the Nasdaq under the tickers “FGF” and “FGFPP,” respectively. See Note 3
for additional details.
On
May 3, 2024, Strong Global Entertainment, Inc. (“Strong Global Entertainment”) entered into an acquisition agreement (the
“Acquisition Agreement”) with FG Acquisition Corp., a special purpose acquisition company (“FGAC”), Strong/MDI,
FGAC Investors LLC, and CG Investments VII Inc. (together with FGAC Investors LLC, the “Sponsors”), pursuant to which FGAC
intends to acquire, directly or indirectly, all of the outstanding shares in the capital of one of its wholly-owned subsidiary, Strong/MDI
Screen Systems, Inc. (“Strong/MDI”). As a result of the acquisition, Strong/MDI will become a wholly-owned subsidiary of
FGAC. See Note 4 for additional details.
On
May 30, 2024, the Company and Strong Global Entertainment entered into a definitive arrangement agreement and plan of arrangement to
combine the companies in an all-stock transaction (the “Arrangement”). Upon completion of the arrangement, the stockholders of Strong Global
Entertainment will receive 1.5 common shares of the Company for each share of Strong Global Entertainment. The transaction is
expected to close in the third quarter of 2024, subject to customary closing conditions, including any necessary stockholder
approval. Following the closing, Strong Global Entertainment will cease to exist, and its Common Shares will be delisted from NYSE
American and deregistered under the Exchange Act.
As
of June 30, 2024, Fundamental Global GP, LLC (“FG”) and its affiliated entities collectively beneficially owned approximately
28.2% of our common stock. D. Kyle Cerminara, our Chief Executive Officer and the Chairman of our Board of Directors, serves as Chief
Executive Officer, Co-Founder and Partner of FG.
Business
Segments
The
Company conducts business through its three reportable segments including reinsurance, asset management, which includes merchant banking
services, and Strong Global Entertainment which includes manufacturing and managed services to cinemas and entertainment venues. The
operating segments are determined based on the business activities, and reflect the manner in which financial information is currently
evaluated by management.
Reinsurance
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.
As
of June 30, 2024, the Company had eight active reinsurance contracts, including participating in a Funds at Lloyds (“FAL”)
syndicate covering risks written by the syndicate during the 2021, 2022 and 2023 calendar years.
Asset
Management
In December 2020, the Company formed FG Management Solutions LLC (“FGMS”), formerly known as FG SPAC Solutions, LLC, a Delaware
company, to facilitate the launch of the Company’s “SPAC Platform.” Under the SPAC Platform, the Company provides 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.
In
the third quarter of 2022, the Company announced the expansion of its growth strategy through the formation of a merchant banking
division, which has facilitated the launch of several merchant banking projects, including FG Communities, Inc. (“FGC”), a
self-managed real estate company focused on a growing portfolio of manufactured housing communities which are owned and operated by
FGC, and Craveworthy LLC (“Craveworthy”), an innovative fast casual restaurant platform company.
Strong
Global Entertainment
Strong
Global Entertainment is a leader in the entertainment industry providing mission critical products and services to cinema exhibitors
and entertainment venues for over 90 years. The Company is a holding company and conducts business through its wholly-owned operating
subsidiaries: Strong/MDI Screen Systems, Inc. (“Strong/MDI”) is a leading premium screen and projection coatings supplier
in the world, and Strong Technical Services, Inc. (“STS”) provides comprehensive managed service offerings with 24/7/365
support nationwide to ensure solution uptime and availability.
On
May 15, 2023, Strong Global Entertainment completed an initial public offering (“IPO”) of its Class A Voting Common Shares
without par value (“Common Shares”). The IPO closed on May 18, 2023 and Strong Global Entertainment completed its separation
from Fundamental Global, formerly FG Group Holdings, Inc. Following this transaction, Strong Global Entertainment became a separate publicly
listed company, and FG Group Holdings holds approximately 76% of the Class A common shares and 100% of the Class B common shares as of
June 30, 2024. As the Company continues to be the majority shareholder of Strong Global Entertainment, the financial results of Strong
Global Entertainment are presented on a consolidated basis in the Company’s condensed consolidated financial statements. The Company
reports the noncontrolling interest in Strong Global Entertainment as a component of equity separate from the Company’s equity.
The Company’s net loss excludes the net loss attributable to the noncontrolling interest. Strong Global Entertainment’s Common
Shares are listed on the NYSE American under the ticker symbol “SGE.” See information regarding the Arrangement above, pursuant to which the Company intends to acquire Strong Global Entertainment.
Other
The
Company owned and operated its Digital Ignition technology incubator and co-working facility in Alpharetta, Georgia. During the first
quarter of 2024, the Company’s board authorized the sale of Digital Ignition and on April 16, 2024, the Company completed the sale
of the Digital Ignition building and wholly owned subsidiary for proceeds of $6.5 million. In April 2024, the Company received approximately
$1.3 million in cash, after payment of closing costs and repayment of debt at closing. In connection with the sale of the land and building,
the Company recorded a non-cash impairment charge of approximately $1.4 million during the first quarter of 2024 to adjust the carrying
value of the assets to the fair market value less costs to sell.
Note
2. Significant Accounting Policies
Basis
of Presentation
The
condensed consolidated financial statements include the accounts of the Company and all majority-owned and controlled domestic and foreign
subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Unless the context indicates
otherwise, references to the “Company” include the Company and its majority-owned and controlled domestic and foreign subsidiaries.
The
condensed consolidated financial statements included in this report are presented in accordance with the requirements of Form 10-Q and
consequently do not include all of the disclosures normally required by accounting principles generally accepted in the United States
of America (also referred to as “GAAP”) for annual reporting purposes or those made in the Company’s Annual Report
on Form 10-K. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements
and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
As
a result of the reverse merger of FGF and FGH (see Note 3), the condensed consolidated financial statements for the periods prior to
the merger represent the results of FGH, as the accounting acquirer. For periods subsequent to the merger, the condensed
consolidated financial statements represent the combined results of FGH and FGF. In addition, the current and historical
financial results of Strong Studios and Strong/MDI, Inc are presented as discontinued operations and are excluded from results from
continuing operations in the accompanying condensed consolidated financial statements.
The
condensed consolidated balance sheet as of December 31, 2023, was derived from the Company’s audited consolidated balance sheet
as of that date. All other condensed consolidated financial statements contained herein are unaudited and, in the opinion of management,
reflect all adjustments of a normal recurring nature necessary to present a fair statement of the financial position and the results
of operations and cash flows for the respective interim periods. Certain prior period balances have been reclassified to conform to current
period presentation. The results for interim periods are not necessarily indicative of trends or results expected for a full year.
See
Note 3 for additional information regarding the Merger of FGF and FGH and the resulting accounting for the reverse acquisition.
Unless
otherwise indicated, all references to “dollars” and “$” in this Quarterly Report on Form 10-Q are to, and amounts
are presented in, U.S. dollars
Use
of Management Estimates
The
preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results and changes in facts and circumstances
may alter such estimates and affect results of operations and financial position in future periods. 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.
Consolidation
Policies
The
accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany
balances and transactions have been eliminated upon consolidation.
The
consolidated financial statements include the accounts of the Company and entities in which it is required to consolidate under either
the Variable Interest Entity (“VIE”) or Voting Interest Entity (“VOE”) models. Both models require the reporting
entity to identify whether it has a controlling financial interest in a legal entity and is therefore required to consolidate the legal
entity. Under the VOE model, a reporting entity with ownership of a majority of the voting interest of a legal entity is generally considered
to have a controlling financial interest. The VIE model was established for situations in which control may be demonstrated other than
by the possession of voting rights in a legal entity and instead focuses on the power to direct the activities that most significantly
impact the legal entity’s economic performance, as well as the rights to receive benefits and obligations to absorb losses that
could potentially be significant to the legal entity.
The
determination of whether a legal entity is consolidated under either model is reassessed where there is a substantive change in the
governing documents or contractual arrangements of the entity, to the capital structure of the entity or in the activities of the
entity. Management continuously reassesses whether it should consolidate under either model.
The
Company’s risk of loss associated with its non-consolidated VIEs is limited. As of June 30, 2024 the carrying value and maximum
loss exposure of the Company’s non-consolidated VIE’s was $16.4
million.
See
Note 5 for further information regarding the Company’s investments.
Investments
in Equity Securities and Other Investments
Investments
in equity securities other than those accounted for using the equity method and those without readily determinable fair value, are
carried at fair value with subsequent changes in fair value recorded to the condensed consolidated statements of operations as a
component of net investment income.
Other
investments consist, in part, of equity investments made in privately held companies accounted for under the equity method. We utilize
the equity method to account for investments when we possess the ability to exercise significant influence, but not control, over the
operating and financial policies of the investee. The ability to exercise significant influence is presumed when the investor possesses
more than 20% of the voting interests of the investee. This presumption may be overcome based on specific facts and circumstances that
demonstrate that the ability to exercise significant influence is restricted. We apply the equity method to investments in common stock
and to other investments when such other investments possess substantially identical subordinated interests to common stock.
In
applying the equity method, we record the investment at cost and subsequently increase or decrease the carrying amount of the investment
by our proportionate share of the net earnings or losses and other comprehensive income of the investee. We record dividends or other
equity distributions as reductions in the carrying value of the investment. Should net losses of the investee reduce the carrying amount
of the investment to zero, additional net losses may be recorded if other investments in the investee are at-risk, even if we have not
committed to provide financial support to the investee. Such additional equity method losses, if any, are based upon the change in our
claim on the investee’s book value.
When
we receive distributions from our equity method investments, we utilize the cumulative earnings approach. When classifying the related
cash flows under this approach, the Company compares the cumulative distributions received, less distributions received in prior periods,
with the Company’s cumulative equity in earnings. Cumulative distributions that do not exceed cumulative equity in earnings represent
returns on investment and are classified as cash inflows from operating activities. Cumulative distributions in excess of cumulative
equity in earnings represent returns on investment and are classified as cash inflows from investing activities.
In
addition to investments accounted for under the equity method of accounting, other investments also consist of equity we have purchased
in a limited partnership, a limited liability company, and a corporation for which there does not exist a readily determinable fair value.
The Company accounts for these investments at their cost, minus impairment, if any, plus or minus changes resulting from observable price
changes in orderly transactions for identical or similar investments by the same issuer. When the Company observes an orderly transaction
of an investee’s identical or similar equity securities, the Company adjusts the carrying value based on the observable price as
of the transaction date. Once the Company records such an adjustment, the investment is considered an asset measured at fair value on
a nonrecurring basis. Any profit distributions the Company receives on these investments are included in net investment income.
See
Note 5 for additional information regarding the Company’s investments.
Cash
and Cash Equivalents
Cash
and cash equivalents include cash and short-term, highly liquid financial instruments with original maturities of 90 days or less.
Pursuant
to the Company’s insurance license, the Authority has required that FGRe hold a minimum capital requirement of $200,000 in cash
in a bank in the Cayman Islands which holds an “A” license issued under the Banks and Trust Companies Act (2020 Revision).
Income
Taxes
The
Company follows the asset and liability method of accounting for income taxes, whereby deferred income tax assets and liabilities are
recognized for (i) the differences between the financial statement carrying amount of existing assets and liabilities and their respective
tax bases and (ii) loss and tax credit carry-forwards. Deferred income tax assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect
on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment.
Future tax benefits are recognized to the extent that realization of such benefits is more likely than not and a valuation allowance
is established for any portion of a deferred tax asset that management believes will not be realized. Current federal income taxes are
charged or credited to operations based upon amounts estimated to be payable or recoverable as a result of taxable operations for the
current year. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense (benefit).
Concentration
of Credit Risk
Financial
instruments which potentially expose the Company to concentrations of credit risk include investments, cash, accounts receivable 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 $250,000. As of June 30, 2024, 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. The Company sells its products to a large number of customers in many different geographic
regions. To minimize credit risk related to accounts receivable, the Company performs ongoing credit evaluations of its customers’
financial condition.
The
Company’s top ten customers accounted for approximately 45% and 44% of consolidated products and services revenues during the three
and six months ended June 30, 2024, respectively. Trade accounts receivable from these customers represented approximately 61% of net
consolidated receivables at June 30, 2024. One of the Company’s customers accounted for more than 10% of both its consolidated
net revenues during the six months ended June 30, 2024 and its net consolidated receivables as of June 30, 2024. While Management believes
its relationships with such customers are stable, most arrangements are made by purchase order and are terminable at will by either party.
A significant decrease or interruption in business from the Company’s significant customers could have a material adverse effect
on the Company’s business, financial condition and results of operations. The Company could also be adversely affected by such
factors as changes in foreign currency rates and weak economic and political conditions in each of the countries in which the Company
sells its products and offers its services.
Revenue
Recognition for Products and Services
The
Company accounts for revenue using the following steps:
|
● |
Identify
the contract, or contracts, with a customer; |
|
● |
Identify
the performance obligations in the contract; |
|
● |
Determine
the transaction price; |
|
● |
Allocate
the transaction price to the identified performance obligations; and |
|
● |
Recognize
revenue when, or as, the Company satisfies the performance obligations. |
The
Company combines contracts with the same customer into a single contract for accounting purposes when the contracts are entered into
at or near the same time and the contracts are negotiated as a single commercial package, consideration in one contract depends on the
other contract, or the services are considered a single performance obligation. If an arrangement involves multiple performance obligations,
the items are analyzed to determine the separate units of accounting, whether the items have value on a standalone basis and whether
there is objective and reliable evidence of their standalone selling price. The total contract transaction price is allocated to the
identified performance obligations based upon the relative standalone selling prices of the performance obligations. The standalone selling
price is based on an observable price for services sold to other comparable customers, when available, or an estimated selling price
using a cost plus margin approach. Management estimates the amount of total contract consideration the Company expects to receive for
variable arrangements by determining the most likely amount we expect to earn from the arrangement based on the expected quantities of
services the Company expects to provide and the contractual pricing based on those quantities. The Company only includes some or a portion
of variable consideration in the transaction price when it is probable that a significant reversal in the amount of cumulative revenue
recognized will not occur or when the uncertainty associated with the variable consideration is subsequently resolved. Management considers
the sensitivity of the estimate, the Company’s relationship and experience with the client and variable services being performed,
the range of possible revenue amounts and the magnitude of the variable consideration to the overall arrangement.
As
discussed in more detail below, revenue is recognized when a customer obtains control of promised goods or services under the terms of
a contract and is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing
services. The Company typically does not have any material extended payment terms, as payment is due at or shortly after the time of
the sale. Sales, value-added and other taxes collected concurrently with revenue producing activities are excluded from revenue.
The
Company recognizes contract assets or unbilled receivables related to revenue recognized for services completed but not yet invoiced
to the clients. Unbilled receivables are recorded as accounts receivable when we have an unconditional right to contract consideration.
A contract liability is recognized as deferred revenue when we invoice clients, or receive cash, in advance of performing the related
services under the terms of a contract. Deferred revenue is recognized as revenue when we have satisfied the related performance obligation.
The
Company defers costs to acquire contracts, including commissions, incentives and payroll taxes, if they are incremental and recoverable
costs of obtaining a customer contract with a term exceeding one year. Deferred contract costs are reported within other assets and amortized
to selling expense over the contract term, which generally ranges from one to five years. The Company has elected to recognize the incremental
costs of obtaining a contract with a term of less than one year as a selling expense when incurred. The Company did not have any deferred
contract costs as of June 30, 2024 or December 31, 2023.
Premium
Revenue Recognition
The
Company participates in quota-share contracts and estimates the ultimate premiums for the contract period. These estimates are based
on information received from the ceding companies, whereby premiums are recorded as written in the same periods in which the underlying
insurance contracts are written and are based on cession statements from cedents. These statements are received quarterly and in arrears,
and thus, for any reporting lag, premiums written are estimated based on the portion of the ultimate estimated premiums relating to the
risks underwritten during the lag period.
Premium
estimates are reviewed by management periodically. Such review includes a comparison of actual reported premiums to expected premiums.
Based on management’s review, the appropriateness of the premium estimates is evaluated, and any adjustments to these estimates
are recorded in the period in which they are determined. Changes in premium estimates, including premiums receivable, are not unusual
and may result in significant adjustments in any period. A significant portion of amounts included in the caption “Reinsurance
balances receivable” in the Company’s consolidated balance sheets represents estimated premiums written, net of commissions,
brokerage, and loss and loss adjustment expense, and are not currently due based on the terms of the underlying contracts. Additional
premiums due on a contract that has no remaining coverage period are earned in full when written.
Premiums
written are generally recognized as earned over the contract period in proportion to the risk covered. Unearned premiums represent the
unexpired portion of reinsurance provided.
Current
Expected Credit Loss
In
the first quarter of 2023, the Company adopted ASU 2016-13, as amended, Financial Instruments – Credit Losses (“ASU 2016-13”),
which requires an entity to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from
the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset.
The
financial assets included in the caption “Reinsurance balances recoverable” in the Company’s consolidated balance sheets
are carried at amortized cost and therefore affected by ASU 2016-13. Management calculates an allowance for expected credit losses for
its reinsurance balances receivable by applying a Probability of Default / Loss Given Default model. The model considers both the external
collectability history as well as external loss history. The external loss history that Management utilizes includes a long-term probability
of liquidation study specific to insurance companies. Additionally, the life of each of the Company’s reinsurance treaties is also
considered as the probability of default is calculated over the contractual length of the reinsurance contracts. The credit worthiness
of a counterparty is evaluated by considering the credit ratings assigned by independent agencies and individually evaluating all the
counterparties. The Company updates the model each quarter and adjusts the balance accordingly. There was no change to the allowance
during the second quarter of 2024.
In
the first quarter of 2023, the Company allocated $200,000 into a promissory note. The promissory note is carried at amortized cost on
the Company’s consolidated balance sheet under the caption “other investments.” Due to being held at amortized cost,
the promissory note falls into the scope of ASU 2016-13. Due to immateriality, the Company does not have a current expected credit allowance
against the promissory note.
Trade
accounts receivable are recorded at the invoiced amount and do not bear interest. The Company determines the allowance for credit losses
based on several factors, including overall customer credit quality, historical write-off experience and a specific analysis that projects
the ultimate collectability of the account. As such, these factors may change over time causing the allowance level and bad debt expense
to be adjusted accordingly. Past due accounts are written off when our efforts have been unsuccessful in collecting amounts due.
Deferred
Policy Acquisition Costs
Policy
acquisition costs are costs that vary with, and are directly related to, the successful production of new and renewal of reinsurance
contracts, and consist principally of commissions, taxes and brokerage expenses. If the sum of a contract’s expected losses and
loss expenses and deferred acquisition costs exceeds associated unearned premiums and expected investment income, a premium deficiency
is determined to exist. In this event, deferred acquisition costs are written off to the extent necessary to eliminate the premium deficiency.
If the premium deficiency exceeds deferred acquisition costs then a liability is accrued for the excess deficiency. There were no premium
deficiency adjustments recognized during the periods presented herein.
Funds
Deposited for Benefit of Reinsured Companies
“Funds
Deposited with Reinsured Companies” on the Company’s consolidated balance sheets includes amounts held to support our reinsurance
contracts. As of June 30, 2024, the total cash collateral posted to support all of our reinsurance treaties
was approximately $8.1 million.
Loss
and Loss Adjustment Expense Reserves
The
Company maintains reserves equal to our estimated ultimate liability for losses and loss adjustment expense for reported and unreported
claims from our reinsurance business. Loss and loss adjustment reserve estimates are based primarily on estimates derived from reports
the Company has received from ceding companies. The Company then uses a variety of statistical and actuarial techniques to monitor reserve
adequacy. When setting reserves, the Company considers many factors including: (1) the types of exposures and projected ultimate premium
to be written by our cedants; (2) expected loss ratios by type of business; (3) actuarial methodologies which analyze loss reporting
and payment experience, reports from ceding companies and historical trends; and (4) general economic conditions. The Company also engages
independent actuarial specialists, at least annually, to assist management in establishing appropriate reserves. Since reserves are estimates,
the final settlement of losses may vary from the reserves established, and any adjustments to the estimates, which may be material, are
recorded in the period they are determined. The final settlement of losses may vary, perhaps materially, from the reserves recorded.
U.S.
GAAP does not permit establishing loss reserves, which include case reserves and IBNR loss reserves, until the occurrence of an event
which may give rise to a claim. As a result, only loss reserves applicable to losses incurred up to the reporting date are established,
with no allowance for the establishment of loss reserves to account for expected future loss events.
Generally,
the Company obtains regular updates of premium and loss related information for the current and historical periods, which are utilized
by the Company to update the initial expected loss ratio. These reports from cedants have varying due dates and may be received between
thirty to ninety days after period end. We experience a lag between (i) claims being reported by the underlying insured to the Company’s
cedent and (ii) claims being reported by the Company’s cedent to the Company. This lag may impact the Company’s loss reserve
estimates.. The timing of the reporting requirements is designed so that the Company receives premium and loss information as soon as
practicable once the client has closed its books. Accordingly, there is generally a lag of one-to-three-month in such reporting. Most
of the contracts that have the potential for large single event losses have provisions that such loss notifications are provided to the
Company immediately upon the occurrence of an event.
Stock-Based
Compensation
The
Company has accounted for stock-based compensation under the provisions of ASC Topic 718 – Stock Compensation, which requires
the use of the fair-value based method to determine compensation for all arrangements under which employees and others receive shares
of stock or equity instruments. The fair value of each stock option award is estimated on the date of grant using the Black-Scholes valuation
model using assumptions for expected volatility, expected dividends, expected term, and the risk-free interest rate along with multiple
Monte Carlo simulations to determine a derived service period as the options vest based upon meeting certain performance conditions.
The fair value of each stock option award is recorded as compensation expense on a straight-line basis over the requisite service period,
which is generally the period in which the stock options vest, with a corresponding increase to additional paid-in capital.
The
Company has also issued restricted stock units (“RSUs”) to certain of its employees and directors which have been accounted
for as equity-based awards since, upon vesting, they are required to be settled in the Company’s common shares. We have used the
fair value of the Company’s common stock on the date the RSUs were issued to estimate the grant date fair value of those RSUs which
vest solely based upon the passage of time. The fair value of each RSU is recorded as compensation expense over the requisite service
period, which is generally the expected period over which the awards will vest.
Based
upon the Company’s historical forfeiture rates relating to stock options and RSUs, the Company has not made any adjustment to stock
compensation expense for expected forfeitures as of June 30, 2024.
Fair
Value of Financial Instruments
The
carrying values of certain financial instruments, including cash, short-term investments, deposits held, accounts payable, and other
accrued expenses, approximate fair value due to their short-term nature. The Company measures the fair value of financial instruments
in accordance with GAAP which defines fair value as the exchange price that would be received for an asset (or paid to transfer a liability)
in the principal or most advantageous market for the asset (or liability) in an orderly transaction between market participants on the
measurement date. GAAP also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and
minimize the use of unobservable inputs when measuring fair value. The Company’s short-term debt is recorded at historical cost.
The carrying values of all other financial assets and liabilities, including accounts receivable, accounts payable, and short-term debt
reported in the condensed consolidated balance sheets equal or approximate their fair values due to the short-term nature of these instruments.
See Note 5 for further information on the fair value of the Company’s financial instruments.
Leases
The
Company and its subsidiaries lease plant and office facilities and equipment under operating and finance leases expiring through 2027.
The Company determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease
if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over
the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the
use of the asset and (b) the right to direct the use of the asset.
Right-of-use
assets and liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at commencement
date. Certain of the leases contain extension options; however, the Company has not included such options as part of its right-of-use
assets and lease liabilities because it does not expect to extend the leases. The Company measures and records a right-of-use asset and
lease liability based on the discount rate implicit in the lease, if known. In cases where the discount rate implicit in the lease is
not known, the Company measures the right-of-use assets and lease liabilities using a discount rate equal to the Company’s estimated
incremental borrowing rate for loans with similar collateral and duration.
The
Company elected to not apply the recognition requirements of Accounting Standards Codification Topic 842, “Leases,” to leases
of all classes of underlying assets that, at the commencement date, have a lease term of 12 months or less and do not include an option
to purchase the underlying asset that the lessee is reasonably certain to exercise. Instead, lease payments for such short-term leases
are recognized in operations on a straight-line basis over the lease term and variable lease payments in the period in which the obligation
for those payments is incurred.
The
Company elected, as a lessee, for all classes of underlying assets, to not separate nonlease components from lease components and instead
to account for each separate lease component and the nonlease components associated with that lease component as a single lease component.
Earnings
(Loss) Per Common Share
Basic
earnings (loss) per common share is computed using the weighted average number of shares outstanding during the respective period.
Diluted
earnings (loss) per common share assumes conversion of all potentially dilutive outstanding stock options, restricted stock units, warrants
or other convertible financial instruments. Potential common shares outstanding are excluded from the calculation of diluted earnings
(loss) per share if their effect is anti-dilutive.
Recent
Issued Accounting Pronouncements
In
November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements
to Reportable Segment Disclosures, which will add required disclosures of significant expenses for each reportable segment, as well as
certain other disclosures to help investors understand how the chief operating decision maker (“CODM”) evaluates segment
expenses and operating results. The new standard will also allow disclosure of multiple measures of segment profitability, if those measures
are used to allocate resources and assess performance. The amendments will be effective for public companies for fiscal years beginning
after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. Management is currently evaluating the impact of this accounting standard update on our consolidated financial statements.
In
December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. The ASU requires disaggregated information about
a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective
on a prospective basis for annual periods beginning after December 15, 2024, with early adoption permitted. The new ASU will not impact
amounts recorded in the Company’s financial statements but instead, will require more detailed disclosures in the notes to the
financial statements. The Company plans to provide the updated disclosures required by the ASU in the periods in which they are effective.
Note
3. Merger of FGF and FGH
On
February 29, 2024, FGF and FGH completed a merger transaction pursuant to which FGH common stockholders received one share of FGF common
stock for each share of common stock of FGH held by such stockholder.
The
merger involved a change of control between two businesses and was accounted for as a reverse acquisition in accordance with ASC 805
Business Combinations. A reverse acquisition occurs when the entity that issues securities (the legal acquirer) is identified as the
acquiree for accounting purposes and the entity whose equity interests are acquired (the legal acquiree) is identified as the acquirer
for accounting purposes. FGH was determined to be the accounting acquirer.
Per
ASC 805, the acquirer measures the identifiable assets acquired and the liabilities assumed at their acquisition-date fair values. The
Company determined the fair value of the FGF assets and liabilities as of February 29, 2024 was approximately $17.4 million. In a reverse
acquisition, generally the legal acquirer (accounting acquiree) issues consideration in the transaction. As such, the fair value of the
consideration transferred is determined based on the number of equity interests the accounting acquirer (legal acquiree) would have had
to issue to the owners of the legal acquirer (accounting acquiree) in order to provide the same ratio of ownership of equity interests
in the combined entity as a result of the reverse acquisition. Management determined total consideration was $15.6 million, which resulted
in a bargain purchase gain of $1.8 million. Management evaluated the bargain purchase gain and revisited the value of the individual
assets acquired and liabilities assumed in the merger and determined that no adjustments to reduce the fair value of the assets or increase
the fair value of the liabilities assumed were necessary.
The
following table summarizes the fair values assigned to the net assets acquired and the liabilities assumed as part of the merger (in
thousands):
Schedule
of Fair Values Assigned to the Net Assets Acquired and the Liabilities Assumed
| |
| | |
Cash and cash equivalents | |
$ | 1,903 | |
Deferred policy acquisition costs | |
| 1,764 | |
Reinsurance balances receivable | |
| 19,011 | |
Equity and other holdings | |
| 28,769 | |
Notes receivable | |
| 300 | |
Funds deposited with reinsured companies | |
| 8,055 | |
Right of Use Asset | |
| 36 | |
Property and equipment, net | |
| 27 | |
Other current assets | |
| 884 | |
Total identifiable assets acquired | |
| 60,749 | |
| |
| | |
Accounts payable and accrued expenses | |
| 1,133 | |
Loss and loss adjustment expense reserves | |
| 9,036 | |
Unearned premium reserves | |
| 10,744 | |
Operating lease obligation | |
| 36 | |
Total liabilities assumed | |
| 20,949 | |
| |
| | |
Series A Preferred Shares | |
| 22,365 | |
| |
| | |
Net assets acquired | |
$ | 17,435 | |
The
value of the net assets acquired exceeded the purchase price by approximately $1.8 million. As a result, the Company recorded a gain
on the bargain purchase during the quarter ended March 31, 2024, which is recorded within bargain purchase on acquisition and other income,
net on the condensed consolidated statement of operations.
As
stated in ASC 805, Business Combinations, the acquirer in a business combination has a period of time, referred to as the measurement
period, to finalize the accounting for a business combination. The measurement period provides companies with a reasonable period of
time to determine the value of identifiable tangible and intangible assets acquired, liabilities assumed, and the consideration transferred
for the acquiree. The measurement period ends when the acquirer receives all necessary information about the facts and circumstances
that existed as of the acquisition date for the provisional amounts (or otherwise learns that more information is not obtainable); however,
the measurement period cannot exceed one year from the acquisition date. Management is in the process of finalizing the acquisition
purchase price, which remains subject to change.
The
amounts of revenue and earnings of FGF included in the Company’s condensed consolidated statement of operations from the acquisition
date to June 30, 2024 are as follows:
Schedule
of Revenue and Earnings of FGF Included in the Condensed Consolidated Statement of Operation from the Acquisition Date
(in thousands) | |
| |
Revenue | |
$ | 3,767 | |
Net income | |
$ | 285 | |
The
following represents the pro forma consolidated income statement as if FGF had been included in the condensed consolidated results of
the Company for the six months ended June 30, 2024 and 2023 (in thousands):
Schedule
of Pro Forma Consolidated Income Statement
| |
Six Months Ended June 30, 2024 | | |
Six Months Ended June 30, 2023 | |
Revenue | |
$ | 13,004 | | |
$ | 12,996 | |
Net loss | |
$ | (12,356 | ) | |
$ | (8,032 | ) |
Note
4. Discontinued Operations
Strong/MDI
On
May 3, 2024, Strong Global Entertainment entered into an acquisition agreement (the “Acquisition Agreement”) with FG Acquisition
Corp., a special purpose acquisition company (“FGAC”), Strong/MDI, FGAC Investors LLC, and CG Investments VII Inc. (together
with FGAC Investors LLC, the “Sponsors”). FGAC’s currently issued and outstanding Class A restricted voting shares
(the “Class A Restricted Voting Shares”) and share purchase warrants (the “Warrants”) are listed on the Toronto
Stock Exchange (the “TSX”). In addition, FGAC has approximately 2.9 million Class B shares (the “Class B Shares”)
issued and outstanding.
Pursuant
to the Acquisition Agreement, FGAC intends to acquire, directly or indirectly, all of the outstanding shares in the capital of Strong/MDI
(the “MDI Acquisition”). As a result of the MDI Acquisition, Strong/MDI will become a wholly-owned subsidiary of FGAC. The
MDI Acquisition values Strong/MDI at a pre-money valuation of $30 million (as adjusted pursuant to the Acquisition Agreement, the “MDI
Equity Value”). On Closing, FGAC will satisfy the Purchase Price (as defined in the Acquisition Agreement) with: (i) cash, in an
amount equal to 25% of the net proceeds of a concurrent private placement, if any (the “Cash Consideration”), (ii) the issuance
to the Company of preferred shares (“Preferred Shares”) with an initial preferred share redemption amount of $9.0 million,
and (iii) the issuance to the Company of that number of Common Shares equal to (a) the MDI Equity Value minus (x) the Cash Consideration
and (y) the Preferred Shares, divided by (b) $10.00. The Purchase Price is also subject to a working capital adjustment, if any.
Management
evaluated the classification of Strong/MDI as a discontinued operation as of June 30, 2024 and determined Strong/MDI is a component of
an entity and represented a discontinued operation. Accordingly, Strong/MDI has been included as part of discontinued operations for
all periods presented.
In
connection with the closing of the MDI Acquisition (the “Closing”), FGAC intends to rename itself Saltire Holdings, Ltd.
(“Saltire”). It is a condition of Closing that the common shares of FGA (the “Common Shares”) be listed and the
Warrants continue to be listed on the TSX.
The
Closing is conditional on, among other things, there being no legal impediments to Closing and all required authorizations, consents
and approvals necessary to effect Closing having occurred, or being filed or obtained, as applicable, the Common Shares being conditionally
listed for trading on a stock exchange, the approval of the MDI Acquisition by the holders of Class A Restricted Voting Shares at a meeting
of shareholders to be held in connection with the MDI Acquisition, receipts having been obtained for both the preliminary and final prospectus
and other usual and customary conditions for transactions of this nature. The obligations of the Company at Closing are also conditional
on, among other usual and customary conditions for transactions of this nature, (a) the truth and accuracy of FGAC’s representations
and warranties, (b) the compliance and/ or performance by FGAC of its covenants under the Acquisition Agreement, and (c) there having
been no material adverse change with respect to FGAC. The Closing is also conditional on, among other usual and customary conditions
for transactions of this nature, the following conditions of Closing in favour of FGAC: (a) the truth and accuracy of the Company and
Strong/MDI’s representations and warranties, (b) the compliance and/or performance by the Company and MDI of their covenants under
the Acquisition Agreement, (c) the completion of all required third party authorizations, consents and approvals, and (d) there having
been no material adverse change with respect to Strong/MDI or its business and there being no events, facts or circumstances that shall
have occurred which would result or which could reasonably be expected to result, individually or in the aggregate, in a material adverse
change with respect to Strong/MDI or its business.
It
is anticipated that, upon completion of the MDI Acquisition, on a non-diluted basis and assuming completion of a $10 million private
placement and the issuance of 338,560 Common Shares to CG Investments VII Inc. as consideration for its deferred underwriting fee, the
Company will hold an ownership interest of approximately 29.6% in Saltire.
Strong
Studios
In
March 2022, Strong Studios, Inc. (“Strong Studios”) acquired, from Landmark Studio Group LLC (“Landmark”), the
rights to original feature films and television series, and was assigned third party rights to content for global multiplatform distribution.
The transaction entailed the acquisition of certain projects which are in varying stages of development. During the second quarter of
2022, Safehaven 2022, Inc. (“Safehaven 2022”) was established to manage the production and financing of the Safehaven
television series, one of the in-process projects acquired from Landmark.
In
September 2023, the Company acquired all of the outstanding capital stock of Unbounded Media Corporation (“Unbounded”), an
independent media and creative production company. Unbounded developed, created and produced film, advertising, and branded content for
a broad range of clients. The Company expected Unbounded, in partnership with Strong Studios, would also further develop its original
IP portfolio, under its Fieldhouse Entertainment division, which included feature films employing Strong Studios’ long form production
expertise and industry network.
As
of December 31, 2023, the board of directors of Strong Global Entertainment approved the Company’s plan to exit its content business,
including Strong Studios and Unbounded and authorized management to proceed with such plan. The plan is expected to improve the Company’s
focus on its core businesses, reduce general and administrative costs, and improve financial performance. The Company may receive proceeds
from the disposition of certain parts of the business and could recover development costs incurred in certain of the Strong Studios projects
in the future; however, any recovery is highly speculative, and management is not able to estimate the amount, timing or likelihood of
recoveries. These estimates may change based on the ultimate disposition of the operations and potential recoveries.
Management
evaluated the classification of the content business as a discontinued operation as of December 31, 2023. The content business included
employees and operations that were dedicated solely to that portion of the overall business. In addition, the Company’s accounting
system and bank accounts were set up in a manner that allowed for the cash flows to be clearly distinguished from the rest of the entity.
Management determined its content business is a component of an entity and represented a discontinued operation effective December 31,
2023. Accordingly, the content business has been included as part of discontinued operations for all periods presented. As noted above,
management began implementing the exit plan in late December 2023. All employees of the content business were notified of the Company’s
plans to exit the business in December and management immediately began working to implement the exit plan.
In
connection with the plan to exit the content business, the Company shut down the acquired Unbounded operations effective December 31,
2023.
The
Company also entered into a letter of intent during December 2023 and executed a Stock Purchase Agreement effective January 1, 2024 for
the sale of the majority of the Strong Studios operations. As a result, the Company has classified the assets and liabilities to reflected
as discontinued operations as of December 31, 2023. The assets and liabilities transferred to the purchaser during the first quarter
of 2024.
Pursuant
to the Stock Purchase Agreement, the Company transferred the Strong Studios legal entity and all assets and liabilities related to Strong
Studios, except the assets and liabilities related to Safehaven. The Stock Purchase Agreement included a sales price of $0.6 million
in cash, to be paid in installments, and assumption of certain liabilities of Strong Studios. In addition to the $0.6 million purchase
price, the Company could recoup its investments in the underlying projects in the future if they projects are profitably commercialized.
The first installment payment was due in February 2024, but the payment has not been received from the purchaser, and management is uncertain
if the cash purchase price will ultimately be received. As a result, the Company has adjusted the carrying value of the net assets related
to Strong Studios to $0.
The Safehaven series
was not transferred as part of the Stock Purchase Agreement as the Company and the other investors in the series were involved in a
dispute relating to the financial management of the project. As a result of the dispute and the impact on the Company’s
ability to predict any future revenue participation from the sale/license of the series, the carrying value of the assets and
liabilities was adjusted to $0.
In July 2024, the Company resolved the dispute, which did not result in any cash payments or a material impact to its current period
financial statements. In addition, the Company maintained a right to receive distributions to recover its investment and to
participate in series profits (if any).
The
major classes of assets and liabilities included as part of discontinued operations are as follows (in thousands):
Schedule
of Major Class Assets and Liabilities Included as Part of Discontinued Operations
| |
| | |
| | |
| | |
| | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
Strong/MDI | | |
Strong Studios | | |
Total | | |
Strong/MDI | | |
Strong Studios | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Cash | |
$ | 484 | | |
$ | - | | |
$ | 484 | | |
$ | 649 | | |
$ | - | | |
$ | 649 | |
Accounts receivable, net | |
| 2,919 | | |
| - | | |
| 2,919 | | |
| 2,948 | | |
| 27 | | |
| 2,975 | |
Inventories | |
| 2,460 | | |
| - | | |
| 2,460 | | |
| 2,598 | | |
| - | | |
| 2,598 | |
Other current assets | |
| 640 | | |
| - | | |
| 640 | | |
| 743 | | |
| 7 | | |
| 750 | |
Property, plant and equipment, net | |
| 987 | | |
| - | | |
| 987 | | |
| 1,105 | | |
| - | | |
| 1,105 | |
Goodwill and intangible assets | |
| 906 | | |
| - | | |
| 906 | | |
| 903 | | |
| - | | |
| 903 | |
Film & TV programming rights | |
| - | | |
| - | | |
| - | | |
| - | | |
| 906 | | |
| 906 | |
Total assets of discontinued operations | |
$ | 8,396 | | |
$ | - | | |
$ | 8,396 | | |
$ | 8,946 | | |
$ | 940 | | |
$ | 9,886 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 1,836 | | |
$ | - | | |
$ | 1,836 | | |
$ | 2,376 | | |
$ | 1,321 | | |
$ | 3,697 | |
Deferred revenue and customer deposits | |
| 304 | | |
| - | | |
| 304 | | |
| 469 | | |
| - | | |
| 469 | |
Short-term debt | |
| 2,895 | | |
| - | | |
| 2,895 | | |
| 2,438 | | |
| - | | |
| 2,438 | |
Long-term debt | |
| - | | |
| - | | |
| - | | |
| - | | |
| 71 | | |
| 71 | |
Deferred income tax liabilities, net | |
| 107 | | |
| - | | |
| 107 | | |
| 125 | | |
| - | | |
| 125 | |
Total liabilities of discontinued operations | |
$ | 5,142 | | |
$ | - | | |
$ | 5,142 | | |
$ | 5,408 | | |
$ | 1,392 | | |
$ | 6,800 | |
The
major line items constituting the net loss from discontinued operations are as follows (in thousands):
Schedule
of Net Loss From Discontinued Operation
| |
Strong/MDI | | |
Strong Studios | | |
Total | | |
Strong/MDI | | |
Strong Studios | | |
Total | |
| |
Three Months Ended June 30, 2024 | | |
Three Months Ended June 30, 2023 | |
| |
Strong/MDI | | |
Strong Studios | | |
Total | | |
Strong/MDI | | |
Strong Studios | | |
Total | |
Net revenues | |
$ | 3,940 | | |
$ | - | | |
$ | 3,940 | | |
$ | 4,617 | | |
$ | 6,379 | | |
$ | 10,996 | |
Cost of revenues | |
| 2,358 | | |
| 110 | | |
| 2,468 | | |
| 2,763 | | |
| 1,985 | | |
| 4,748 | |
Gross profit | |
| 1,582 | | |
| (110 | ) | |
| 1,472 | | |
| 1,854 | | |
| 4,394 | | |
| 6,248 | |
Selling and administrative expenses | |
| 1,145 | | |
| 204 | | |
| 1,349 | | |
| 899 | | |
| 3,600 | | |
| 4,499 | |
Gain on disposal of assets | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Income (loss) from operations | |
| 437 | | |
| (314 | ) | |
| 123 | | |
| 955 | | |
| 794 | | |
| 1,749 | |
Other expense | |
| 62 | | |
| - | | |
| 62 | | |
| (487 | ) | |
| - | | |
| (487 | ) |
Income (loss) from discontinued operations before taxes | |
| 499 | | |
| (314 | ) | |
| 185 | | |
| 468 | | |
| 794 | | |
| 1,262 | |
Income tax expense | |
| (35 | ) | |
| - | | |
| (35 | ) | |
| (369 | ) | |
| - | | |
| (369 | ) |
Net income (loss) from discontinued operations | |
$ | 464 | | |
$ | (314 | ) | |
$ | 150 | | |
$ | 99 | | |
$ | 794 | | |
$ | 893 | |
| |
Strong/MDI | | |
Strong Studios | | |
Total | | |
Strong/MDI | | |
Strong Studios | | |
Total | |
| |
Six Months Ended June 30, 2024 | | |
Six Months Ended June 30, 2023 | |
| |
Strong/MDI | | |
Strong Studios | | |
Total | | |
Strong/MDI | | |
Strong Studios | | |
Total | |
Net revenues | |
$ | 7,327 | | |
$ | - | | |
$ | 7,327 | | |
$ | 8,051 | | |
$ | 6,379 | | |
$ | 14,430 | |
Cost of revenues | |
| 4,394 | | |
| 205 | | |
| 4,599 | | |
| 4,895 | | |
| 1,985 | | |
| 6,880 | |
Gross profit | |
| 2,933 | | |
| (205 | ) | |
| 2,728 | | |
| 3,156 | | |
| 4,394 | | |
| 7,550 | |
Selling and administrative expenses | |
| 1,783 | | |
| 131 | | |
| 1,914 | | |
| 1,595 | | |
| 3,792 | | |
| 5,387 | |
Loss (gain) on disposal of assets | |
| 2 | | |
| - | | |
| 2 | | |
| - | | |
| (1 | ) | |
| (1 | ) |
Income (loss) from operations | |
| 1,148 | | |
| (336 | ) | |
| 812 | | |
| 1,561 | | |
| 603 | | |
| 2,164 | |
Other income (expense) | |
| 141 | | |
| - | | |
| 141 | | |
| (407 | ) | |
| - | | |
| (407 | ) |
Income (loss) from discontinued operations before taxes | |
| 1,289 | | |
| (336 | ) | |
| 953 | | |
| 1,154 | | |
| 603 | | |
| 1,757 | |
Income tax expense | |
| (168 | ) | |
| - | | |
| (168 | ) | |
| (63 | ) | |
| - | | |
| (63 | ) |
Net income (loss) from discontinued operations | |
$ | 1,121 | | |
$ | (336 | ) | |
$ | 785 | | |
$ | 1,091 | | |
$ | 603 | | |
$ | 1,694 | |
Note
5. Equity Holdings and Fair Value Disclosures
As of June 30, 2024, the Company held approximately
$43.6 million in investments and equity holdings, of which approximately $22.5 million were owned by its reinsurance subsidiary, FGRe,
where the Company uses such investment and equity holdings to support the capital structure of its reinsurance business.
The
Company accounts for each of its equity holdings using either the fair value method, the equity method and the cost method as summarized
below as of June 30, 2024 (in thousands):
Schedule of Equity Holdings
| |
Fair Value Method | | |
Cost Method | | |
FG Merger Partners, LLC | | |
FGAC Investors LLC | | |
FG Merger Investors LLC | | |
GreenFirst Forest Products Holdings LLC | | |
Total | |
| |
| | |
| | |
Equity Method | | |
| |
| |
Fair Value Method | | |
Cost Method | | |
FG Merger Partners, LLC | | |
FGAC Investors LLC | | |
FG Merger Investors LLC | | |
GreenFirst Forest Products Holdings LLC | | |
Total | |
Investments in publicly traded companies: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
GreenFirst Forest Products common shares | |
$ | 4,400 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 382 | | |
$ | 4,782 | |
FG Acquisition Corp. common shares and warrants | |
| - | | |
| - | | |
| 2,208 | | |
| 8,384 | | |
| - | | |
| - | | |
| 10,592 | |
iCoreConnect preferred shares and warrants | |
| - | | |
| - | | |
| 2,733 | | |
| - | | |
| 5,136 | | |
| - | | |
| 7,869 | |
Oppfi common shares and warrants | |
| 663 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 663 | |
Hagerty warrants | |
| - | | |
| - | | |
| 646 | | |
| - | | |
| - | | |
| - | | |
| 646 | |
Investments in privately held companies: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
FG Communities common and preferred shares | |
| - | | |
| 2,288 | | |
| 2,003 | | |
| - | | |
| - | | |
| - | | |
| 4,291 | |
Firefly Systems preferred shares | |
| - | | |
| 12,898 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 12,898 | |
Craveworthy common shares and note | |
| - | | |
| 200 | | |
| 1,456 | | |
| - | | |
| - | | |
| - | | |
| 1,656 | |
Other | |
| - | | |
| 157 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 157 | |
Total | |
$ | 5,063 | | |
$ | 15,543 | | |
$ | 9,046 | | |
$ | 8,384 | | |
$ | 5,136 | | |
$ | 382 | | |
$ | 43,554 | |
As of December 31, 2023, the Company’s only
equity method holding consisted for FGH’s equity interests in FGF which was held through its investment in FG Financial Holdings,
LLC, which was eliminated in connection with the Merger and its holdings in GreenFirst was accounted for using the fair value method and
its investment in Firefly was accounting for using the cost method.
Fair
Value Method Holdings
The
carrying value of fair value method holdings is determined based on the security’s trading price multiplied by the number of shares
held. The following table summarizes the Company’s fair value method holdings as of June 30, 2024 and December 31, 2023 (in thousands):
Schedule
of Fair Value
As of June 30, 2024 | |
Cost Basis | | |
Gross Unrealized Gains | | |
Gross Unrealized Losses | | |
Carrying Amount | |
GreenFirst common stock | |
$ | 8,679 | | |
$ | - | | |
$ | (4,279 | ) | |
$ | 4,400 | |
OppFi common stock and warrants | |
| 427 | | |
| 236 | | |
| - | | |
| 663 | |
Total fair value method holdings | |
$ | 9,106 | | |
$ | 236 | | |
$ | (4,279 | ) | |
$ | 5,063 | |
As of December 31, 2023 | |
Cost Basis | | |
Gross Unrealized Gains | | |
Gross Unrealized Losses | | |
Carrying Amount | |
GreenFirst common stock | |
$ | 8,679 | | |
$ | 1,873 | | |
$ | - | | |
$ | 10,552 | |
Total fair value method holdings | |
$ | 8,679 | | |
$ | 1,873 | | |
$ | - | | |
$ | 10,552 | |
The carrying value of fair value
method holdings is determined based on the security’s trading price multiplied by the number of shares held.
GreenFirst Forest Products Inc.
(“GreenFirst”) is a publicly-traded Canadian company focused on environmentally sustainable forest management and lumber production.
The Company holds shares of GreenFirst directly that are accounted for at fair value of $4.4 million based on observable quoted market
prices. The Company also holds approximately $0.4 million of GreenFirst common shares through an equity method investment in GreenFirst
Forest Products Holdings LLC (see Equity Method Investments below).
OppFi Inc. (“OppFi”)
is a publicly-traded tech-enabled, mission-driven specialty finance platform that broadens the reach of community banks to extend credit
access to everyday Americans. The Company accounts for its common shares and warrants of OppFi using the fair value method based on observable
quoted market prices.
Equity Method
Holdings
As
of December 31, 2023, the Company’s only equity method holding consisted for FGH’s equity interests in FGF which was held
through its investment in FG Financial Holdings, LLC, which was eliminated in connection with the Merger.
On
January 4, 2021, FGMP was formed as a Delaware limited partnership to co-sponsor newly formed SPACs with their founders or partners,
as well as other merchant banking interests. The Company is the sole managing member of the general partner of FGMP and holds a limited
partner interest of approximately 50% in FGMP directly and through its subsidiaries. FGMP participates as a co-sponsor of the SPACs launched
under our SPAC Platform as well as merchant banking initiatives.
For
the three and six months ended June 30, 2024, the Company recorded an equity method gain from FGMP of approximately $28,000
and $64,000,
respectively. No capital contributions were made to FGMP during the quarter or six months ended June 30, 2024. Of the $9.0 million carrying value
of our holding in FGMP at June 30, 2024 the Company may allocate up to approximately $0.4
million to incentivize
and compensate individuals and entities for the successful merger of SPACs launched under our platform.
The
Company holds direct limited liability company interests in FGAC Investors LLC, which holds investments in FG Acquisition Corp., in FG Merger
Investors LLC, which holds investments in iCoreConnect, and GreenFirst Forest Products Holdings, LLC, which holds investments in
GreenFirst. Management determined that it has the ability to exercise significant influence over FGAC Investors LLC, FG Merger
Investors LLC and GreenFirst Forest Products Holdings LLC, and accounts for each of these investments under the equity method of
accounting.
For
the three and six months ended June 30, 2024, the Company recorded an equity method loss on FG
Merger Investors of approximately $30,000
and $22,500,
respectively. The Company recorded an equity method loss from GreenFirst Forest Products Holdings LLC of approximately $0.3
million and $0.4
million for the three
and six months ended June 30, 2024, respectively, and a loss of $0.7
million and $0.6
million from FGAC Investors
LLC for the three and six months ended June 30, 2024, respectively.
Financial
information for our investments accounted for under the equity method, in the aggregate, is as follows (in thousands):
Schedule
of Financial Information for Investments Accounted Under the Equity Method
| |
As of June 30, 2024 | |
Other investments | |
$ | 74,232 | |
Cash | |
| 527 | |
Other assets | |
| 20 | |
Total assets | |
| 74,779 | |
| |
| | |
Total liabilities | |
| 61 | |
| |
Three Months Ended
June 30,
2024 | | |
Six Months Ended
June 30, 2024 | |
(in thousands) | |
| | | |
| | |
Net investment (loss) income | |
$ | (503 | ) | |
$ | 101 | |
Other income | |
| 2 | | |
| 22 | |
General and administrative expenses | |
| (23 | ) | |
| (48 | ) |
Net (loss) income | |
| (523 | ) | |
| 75 | |
Certain
investments held by our equity method investees are valued using Monte-Carlo simulation and option pricing models. Inherent in Monte-Carlo
simulation and option pricing models are assumptions related to expected volatility and discount for lack of marketability of the underlying
investment. Our investees estimate the volatility of these investments based on the historical performance of various broad market indices
blended with various peer companies which they consider as having similar characteristics to the underlying investment, as well as consideration
of price and volatility of relevant publicly traded securities such as SPAC warrants. Our investees also consider the probability of
a successful merger when valuing equity for SPACs that have not yet closed. Actual results from those investments over time could vary significantly from estimates using Monte-Carlo simulation
and option pricing models.
Cost
Method Investments without Readily Determinable Fair Value
In
addition to our equity method and fair value method holdings, other holdings which do not have a readily determinable fair value are accounted for at their cost, subject to any adjustment from time to time due to impairment or
observable price changes in orderly transactions. When the Company observes an orderly transaction of an investee’s identical
or similar equity securities, the Company adjusts the carrying value based on the observable price as of the transaction date. Any
profit distributions the Company receives on these investments are included in net investment income. The Company is not aware of
any issuances of identical or similar equities during the six months ended June 30, 2024. As a result, the carrying value of
holdings without readily determinable fair value did not change during the three and six months ended June 30, 2024.
Other
Holdings
The
Company’s other holdings includes a convertible promissory note and a senior unsecured promissory note.
On
September 29, 2023, the Company invested $250,000 in a convertible promissory note with ThinkMarkets, of which $125,000 has been repaid
through June 30, 2024. The promissory note has an interest rate of 15% annually, with interest payments due monthly, and matures on August
1, 2025. Commencing upon the closing of the contemplated business combination, the Company has the option to convert any unpaid loan
amount and all accrued and unpaid interest into fully paid shares of FGAC common stock, at a conversion price of $5.00 per share. The
Company evaluated the convertible promissory note’s settlement provisions and elected the fair value option to value this instrument.
Under the fair value election, the convertible promissory note is measured initially and subsequently at fair value. As of June 30, 2024,
the fair value was calculated to be $125,000.
On
March 16, 2023, the Company invested $200,000 in a senior unsecured loan to Craveworthy. The loan had
an interest rate of 13% and a maturity of March 15, 2024. The senior unsecured note was amended to a convertible bridge loan on October
17, 2023, and the maturity date was changed to October 16, 2024. The $200,000 principal and any interest accrued may be prepaid voluntarily
by Craveworthy but is not required to be paid until the date of maturity. As of June 30, 2024, the entire principal amount of $200,000
as well as approximately $35,000 of accrued interest was outstanding.
Impairment
For
equity securities without readily determinable fair values, impairment is determined via a qualitative assessment which considers indicators
to evaluate whether the investment is impaired. Some of these indicators include a significant deterioration in the earnings performance
or asset quality of the investee, a significant adverse change in regulatory, economic or general market conditions in which the investee
operates, or doubt over an investee’s ability to continue as a going concern. If the investment is deemed to be impaired after
conducting this analysis, the Company would estimate the fair value of the investment to determine the amount of impairment loss.
For
equity method holdings, evidence of a loss in value might include a series of operating losses of an investee, the absence of an ability
to recover the carrying amount of the investment, or a deterioration in the value of the investee’s underlying assets. If these,
or other indicators lead to the conclusion that there is a decrease in the value of the holding that is other than temporary, the Company
would recognize that decrease in value even though the decrease may be in excess of what would otherwise be recognized under the equity
method of accounting.
The
risks and uncertainties inherent in the assessment methodology used to determine impairment include, but may not be limited to, the following:
|
● |
the opinions of professional
investment managers and appraisers could be incorrect; |
|
|
|
|
● |
the past operating performance
and cash flows generated from the investee’s operations may not reflect their future performance; and |
|
|
|
|
● |
the estimated fair values
for investment for which observable market prices are not available are inherently imprecise. |
The
Company did not record an impairment on its holdings during the quarter or six months ended June 30, 2024.
Net
investment loss for the three and six months ended June 30, 2024 is as follows (in thousands):
Schedule
of Net Investment Income
| |
Three Months Ended
June 30, 2024 | | |
Six Months Ended
June 30, 2024 | |
Investment loss: | |
| | | |
| | |
Realized gain on common stock | |
$ | 354 | | |
$ | 495 | |
Change in unrealized holding on common stock | |
| (3,671 | ) | |
| (6,375 | ) |
Loss on equity method holdings | |
| (962 | ) | |
| (1,806 | ) |
Other | |
| 268 | | |
| 275 | |
Net investment loss | |
$ | (4,011 | ) | |
$ | (7,411 | ) |
Fair
Value Measurements
The
Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal
or most advantageous market. The FASB has issued guidance that defines fair value as the exchange price that would be received for an
asset (or paid to transfer a liability) in the principal, or most advantageous market in an orderly transaction between market participants.
This guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the
use of unobservable inputs when measuring fair value. The guidance categorizes assets and liabilities at fair value into one of three
different levels depending on the observation of the inputs employed in the measurements, as follows:
|
● |
Level 1 – inputs
to the valuation methodology are quoted prices for identical assets or liabilities in active markets providing the most reliable
measurement of fair value since it is directly observable. |
|
|
|
|
● |
Level 2 – inputs
to the valuation methodology which include quoted prices for similar assets or liabilities in active markets. These inputs are observable,
either directly or indirectly, for substantially the full-term of the financial instrument. |
|
|
|
|
● |
Level 3 – inputs
to the valuation methodology which are unobservable and significant to the measurement of fair value. |
The
availability of valuation techniques and observable inputs can vary from investment to investment and are affected by a variety of factors,
including the type of investment, whether the investment is new and not yet established in the marketplace, the liquidity of markets
and other characteristics specific to the individual investment. In some cases, the inputs used to measure fair value might be categorized
within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in
the hierarchy based on the lowest level input that is significant to the fair value measurement. When determining fair value, the Company
uses valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs.
Financial
instruments measured, on a recurring basis, at fair value as of June 30, 2024 and December 31, 2023 in accordance with the guidance promulgated
by the FASB are as follows (in thousands):
Schedule
of Financial Instruments Measured on Recurring Basis at Fair Value
As of June 30, 2024 | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Oppfi common stock and warrants | |
$ | 663 | | |
$ | – | | |
$ | – | | |
$ | 663 | |
GreenFirst common stock | |
| 4,400 | | |
| – | | |
| – | | |
| 4,400 | |
ThinkMarkets convertible note | |
| – | | |
| – | | |
| 125 | | |
| 125 | |
Craveworthy convertible bridge loan | |
| – | | |
| – | | |
| 200 | | |
| 200 | |
Financial instrument fair value | |
$ | 5,063 | | |
$ | – | | |
$ | 325 | | |
$ | 5,388 | |
| |
| | | |
| | | |
| | | |
| | |
As of December 31, 2023 | |
| | | |
| | | |
| | | |
| | |
GreenFirst common stock | |
$ | 10,552 | | |
$ | – | | |
$ | – | | |
$ | 10,552 | |
Financial instrument fair value | |
$ | 10,552 | | |
$ | – | | |
$ | – | | |
$ | 10,552 | |
On
September 29, 2023, the Company invested $250,000 in a convertible promissory note with ThinkMarkets, of which $125,000 has been repaid
through June 30, 2024. As of June 30, 2024, the Company approximates the fair value of the note to be $125,000. On March 16, 2023, the
Company invested $200,000 in a senior unsecured loan to Craveworthy. The senior unsecured note was amended to a convertible bridge loan
on October 17, 2023, and the maturity date was changed to October 16, 2024. As of June 30, 2024, the Company approximates the fair value
of the bridge loan to be $200,000.
The
following tables provide a reconciliation of the fair value of recurring Level 3 fair value measurements for the six months ended
June 30, 2024 (in thousands):
Schedule
of Fair Value of Recurring Level 3 Fair Value Measurements
Assets: | |
| | |
Convertible notes | |
| | |
Beginning balance | |
| - | |
Increase as a result of Merger (Note 3) | |
| 450 | |
Increase in fair value of convertible note | |
| - | |
Repayments | |
| (125 | ) |
Balance, June 30, 2024 | |
$ | 325 | |
Note
6. Loss and Loss Adjustment Expense Reserves
A
significant degree of judgment is required to determine amounts recorded in the consolidated financial statements for the provision for
loss and loss adjustment expense (“LAE”) reserves. The process for establishing this provision reflects the uncertainties
and significant judgmental factors inherent in predicting future results of both known and unknown loss events. The process of establishing
the provision for loss and LAE reserves relies on the judgment and opinions of many individuals, including the opinions of the Company’s
management, as well as the management of ceding companies and their actuaries.
In
estimating losses, the Company may assess any of the following:
|
● |
a review of in-force treaties
that may provide coverage and incur losses; |
|
● |
general forecasts, catastrophe
and scenario modelling analyses and results shared by cedents; |
|
● |
reviews of industry insured
loss estimates and market share analyses; |
|
● |
management’s judgment;
and |
|
● |
loss development factor
selections, initial expected loss ratio selections, and weighting of methods used |
Under
the terms of certain of our quota-share agreements, and due to the nature of claims and premium reporting, a lag exists between (i) claims
being reported by the underlying insured to the Company’s cedent and (ii) claims being reported by the Company’s cedent to
the Company. We report the results of reinsurance contracts on a lag ranging from 1 month to 3 months depending on the availability of
information from the cedants. While the Company believes its estimate of loss and loss adjustment expense reserves are adequate as of
June 30, 2024, based on available information, actual losses may ultimately differ materially from the Company’s current estimates.
The Company will continue to monitor the appropriateness of its assumptions as new information is provided.
A
summary of changes in outstanding loss and loss adjustment expense reserves for the six months ended June 30, 2024 is as
follows (in thousands):
Schedule
of Changes in Outstanding Loss Adjustment Expense Reserves
| |
| | |
Balance, beginning of period, net of reinsurance | |
$ | 9,036 | |
Incurred related to: | |
| | |
Current year | |
| 2,396 | |
Prior year | |
| 375 | |
Paid related to: | |
| | |
Current year | |
| (1,767 | ) |
Prior years | |
| (298 | ) |
Balance, June 30, 2024, net of reinsurance | |
$ | 9,742 | |
Note
7. Inventories
Inventories
consisted of the following (in thousands):
Schedule
of Inventories
| |
June 30, 2024 | | |
December 31, 2023 | |
Raw materials and components | |
$ | - | | |
$ | - | |
Work in process | |
| 10 | | |
| 6 | |
Finished goods, net of reserve | |
| 2,538 | | |
| 1,476 | |
Total | |
$ | 2,548 | | |
$ | 1,482 | |
The
inventory balances are net of reserves of approximately $0.4 million as of both June 30, 2024 and December 31, 2023. The inventory reserves
primarily related to the Company’s finished goods inventory. A rollforward of the inventory reserve for the six months ended June
30, 2024, is as follows (in thousands):
Schedule
of Inventory Reserves
| |
| | |
Inventory reserve balance at December 31, 2023 | |
$ | 384 | |
Inventory write-offs during 2024 | |
| 25 | |
Benefit from inventory reserve during 2024 | |
| (38 | ) |
Inventory reserve balance at June 30, 2024 | |
$ | 371 | |
Note
8. Property, Plant and Equipment
Property,
plant and equipment include the following (in thousands):
Schedule
of Property, Plant and Equipment
| |
June 30, 2024 | | |
December 31, 2023 | |
Land | |
$ | 47 | | |
$ | 2,342 | |
Buildings and improvements | |
| 3,367 | | |
| 9,469 | |
Machinery and other equipment | |
| 671 | | |
| 678 | |
Office furniture and fixtures | |
| 332 | | |
| 377 | |
Total property, plant and equipment, cost | |
| 4,417 | | |
| 12,866 | |
Less: accumulated depreciation | |
| (1,299 | ) | |
| (1,751 | ) |
Property, plant and equipment, net | |
$ | 3,118 | | |
$ | 11,115 | |
As
discussed in Note 1, the Company sold the Digital Ignition business during the second quarter of 2024.
Depreciation
expense approximated $0.1 million and $0.2 million during the three months ended June 30, 2024 and 2023, respectively, and $0.3 million
and $0.4 million during the six months ended June 30, 2024 and 2023, respectively.
Note
9. Income Taxes
In
assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all
of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of
future taxable income. The Company considers the scheduled reversal of taxable temporary differences, projected future taxable income
and tax planning strategies in making this assessment. A cumulative loss in a particular tax jurisdiction in recent years is a significant
piece of evidence with respect to the realizability that is difficult to overcome. Based on the available objective evidence, including
recent updates to the taxing jurisdictions generating income, the Company concluded that a valuation allowance should be recorded against
all of the Company’s U.S. tax jurisdiction deferred tax assets as of June 30, 2024 and December 31, 2023.
The
Tax Cuts and Jobs Act (the Tax Act) provides for a territorial tax system, which began in 2018. It includes the global intangible low-taxed
income (“GILTI”) provision. The GILTI provisions require the Company to include in its U.S. income tax return foreign subsidiary
earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. The GILTI provisions also allow for a high-tax
exclusion if the effective tax rate of the tested income is greater than 18.9%. The Company has evaluated these regulations in determining
the appropriate amount of the inclusion for the tax provision. The effective tax rate on the tested income is greater than 18.9%; thus,
the Company is utilizing the GILTI high-tax exclusion for purposes of the tax provision for the three and six months ended June 30, 2024,
as well as December 31, 2023.
The
Tax Code requires U.S. shareholders to include its share of its Controlled Foreign Corporation’s (CFC) income from dividends,
interest, rents, and various other types of income, called Subpart F Income. During the three and six months ended June 30, 2024,
the Company incurred interest income from its foreign CFC’s as additional taxable income in this provision, which is fully
offset by net operating losses.
Changes
in tax laws may affect recorded deferred tax assets and liabilities and our effective tax rate in the future. In March of 2020, the CARES
Act was enacted and made significant changes to Federal tax laws, including certain changes that were retroactive to the 2019 tax year.
The effects of these changes relate to deferred tax assets and net operating losses; all of which are offset by valuation allowance.
There were no material income tax consequences of this enacted legislation on the reporting period of these financial statements.
The
Company is subject to possible examinations not yet initiated for Federal purposes for the fiscal years 2020 through 2022. The Company
is also subject to possible examinations for state and local purposes. In most cases, these examinations in the state and local jurisdictions
remain open based on the particular jurisdiction’s statute of limitations.
Note
10. Equity Incentive Plan Grants
On
December 15, 2021, our shareholders approved the FG Financial Group, Inc. 2021 Equity Incentive Plan (the “2021 Plan”). The
purpose of the 2021 Plan is to attract and retain directors, consultants, officers and other key employees of the Company and its subsidiaries
and to provide to such persons incentives and rewards for superior performance. The 2021 Plan is administered by the Compensation and
Management Resources Committee of the Board and has a term of ten years. The 2021 Plan awards may be in the form of stock options (which
may be incentive stock options or nonqualified stock options), stock appreciation rights (or “SARs”), restricted shares,
restricted share units (or “RSUs”), and other share-based awards, and provides for a maximum of 1,500,000 shares available
for issuance. On March 24, 2023, the Company’s board of directors approved an amendment to the 2021 Plan to increase the number
of shares available for issuance from 1,500,000 to 2,000,000. As of June 30, 2024, there were approximately 0.3 million shares remaining
available for future issuance.
In
addition, on March 24, 2023, the
board of directors approved an employee stock purchase plan (“ESPP Plan”) whereby qualifying employees can choose each
year to have up to 5% of their annual base earnings withheld to purchase the Company’s common shares in the open market. The
Company matches 100% of the employee’s contribution amount after thirty days of employment.
Total
stock-based compensation expense for the three months ended June 30, 2024 and 2023 was approximately $0.4 million and $0.9 million, respectively,
and $0.7 million and $1.0 million for the six months ended June 30, 2024, respectively. As of June 30, 2024, total unrecognized stock
compensation expense of approximately $1.2 million remains, which will be recognized through December 2028. Stock compensation expense
has been reflected in the Company’s financial statements as part of general and administrative expense.
As
part of the Merger, each restricted stock unit and stock option award granted pursuant to the terms of FGH’s 2017 Omnibus Equity
Compensation Plan were converted into options to purchase or receive an equal number of shares of the Company’s common stock. The
term, vesting schedule and all of the other terms of each FGH restricted stock unit and stock option award assumed in the Merger were
not changed.
Restricted
Stock Units
The
following table summarizes RSU activity for the six months ended June 30, 2024:
Schedule
of Restricted Stock Units Activity
Restricted Stock Units | |
Number of Units | | |
Weighted Average Grant Date Fair Value | |
Non-vested units, December 31, 2023 | |
| 1,472,147 | | |
$ | 2.31 | |
Granted | |
| 700,000 | | |
| 1.31 | |
Vested | |
| (1,426,879 | ) | |
| 1.94 | |
Forfeited | |
| - | | |
| - | |
Non-vested units, June 30, 2024 | |
| 745,268 | | |
$ | 2.07 | |
The
table above includes activity for RSUs for FGH and FGF. The Company granted a total of 700,000 RSUs to members of the Company’s
management on January 3, 2024, all of which vested on February 17, 2024.
Stock
Options
The
following table summarizes activity for stock options issued for the six months ended June 30, 2024:
Schedule
of Stock Option Activity
Common Stock Options | |
Shares | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Term (yrs) | | |
Weighted Average Grant Date Fair Value | | |
Aggregate Intrinsic Value | |
Outstanding, December 31, 2023 | |
| 715,000 | | |
$ | 3.22 | | |
| 8.0 | | |
$ | 1.41 | | |
$ | – | |
Granted | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | |
Exercised | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | |
Cancelled | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | |
Outstanding, June 30, 2024 | |
| 715,000 | | |
$ | 3.22 | | |
| 5.4 | | |
$ | 1.41 | | |
$ | – | |
Exercisable, June 30, 2024 | |
| 476,667 | | |
$ | 3.49 | | |
| 4.5 | | |
$ | 1.37 | | |
$ | – | |
The
table above includes activity for stock options for both FGH and FGF.
Note
11. Related Party Transactions
Related
party transactions are carried out in the normal course of operations and are measured in part by the amount of consideration paid
or received, as established and agreed by the parties. Except where disclosed elsewhere in these consolidated financial statements,
the following is a summary of related party transactions.
Joint
Venture Agreement
On
March 31, 2020, the Company entered into the Limited Liability Company Agreement of Fundamental Global Asset Management, LLC (“FGAM”),
a joint venture owned 50% by each of the Company and FG. The purpose of FGAM is to sponsor, capitalize and provide strategic advice to
investment managers in connection with the launch and/or growth of their asset management businesses and the investment products they
sponsor (each, a “Sponsored Fund”).
FGAM
is governed by a Board of Managers consisting of four managers, two of which have been appointed by each Member. The Company has appointed
two of its independent directors to the Board of Managers of FGAM. Certain major actions, including any decision to sponsor a new investment
manager, require the prior consent of both Members.
FG
Special Situations Fund
The
Company participated as a limited partner in the Fund. The general partner of the Fund, and the investment advisor of the Fund, was ultimately
controlled by Mr. Cerminara, the Chairman of the Company’s Board of Directors. Portions of the Company’s investment into
the Fund were used to sponsor the launch of SPACs affiliated with certain of our officers and directors.
The
Fund began the process of winding down in the first quarter of 2023 and completed the process in the second quarter of 2023. As a result
of the winddown, the Company now holds direct limited partner interests in FGAC Investors LLC, FG Merger Investors LLC, and GreenFirst
Forest Products Holdings, LLC. Mr. Cerminara and Mr. Swets serve as managers of FGAC Investors LLC and FG Merger Investors LLC, while
Mr. Cerminara ultimately controls GreenFirst Forest Products Holdings, LLC.
FG
Merchant Partners
FGMP
was formed to co-sponsor newly formed SPACs with their founders or partners. Certain of our directors and officers also hold limited
partner interests in FGMP. Mr. Swets holds a limited partner interest through Itasca Financial LLC, an advisory and investment firm for
which Mr. Swets is managing member. Mr. Cerminara also holds a limited partner interest through Fundamental Global, LLC, a holding company
for which Mr. Cerminara is the manager and one of the members.
FGMP
has invested in the founder shares and warrants of Aldel, FG Merger Corp, FG Acquisition Corp, FGC and Craveworthy. Certain of our directors
and officers are affiliated with these entities.
FG
Communities
In
October of 2022, the Company directly invested $2.0 million into FGC. The Company also holds an interest through its ownership in FGMP.
FGC is a self-managed real estate company focused on a growing portfolio of manufactured housing communities which are owned and operated
by FGC. Mr. Cerminara is the President and the Chairman of the Board of Directors of FGC.
Craveworthy
On
March 16, 2023, the Company invested $200,000 in a senior unsecured loan to Craveworthy, which was amended to a convertible bridge loan
on October 17, 2023. Mr. Swets has an indirect interest in Craveworthy, independent from the interests held by the Company through its
ownership in FGMP.
ThinkMarkets
On
September 29, 2023, the Company invested $250,000
in a convertible promissory note, of which $125,000 has been repaid through June 30, 2024, to support the business combination of
Think Markets and FG Acquisition Corp. Mr. Swets is an executive officer of FG Acquisition Corp.
Shared
Services Agreement
On
March 31, 2020, the Company entered into a Shared Services Agreement (the “Shared Services Agreement”) with Fundamental Global
Management, LLC (“FGM”), an affiliate of FG, pursuant to which FGM provides the Company with certain services related to
the day-to-day management of the Company, including assisting with regulatory compliance, evaluating the Company’s financial and
operational performance, providing a management team to supplement the executive officers of the Company, and such other services consistent
with those customarily performed by executive officers and employees of a public company. In exchange for these services, the Company
pays FGM a fee of $456,000 per quarter (the “Shared Services Fee”), plus reimbursement of expenses incurred by FGM in connection
with the performance of the Services, subject to certain limitations approved by the Company’s Board of Directors or Compensation
Committee from time to time.
The
Shared Services Agreement has an initial term of three years, and thereafter renews automatically for successive one-year terms unless
terminated in accordance with its terms. The Shared Services Agreement may be terminated by FGM or by the Company, by a vote of the Company’s
independent directors, at the end of the initial or automatic renewal term upon 120 days’ notice, subject to payment by the Company
of certain costs incurred by FGM to wind down the provision of services and, in the case of a termination by the Company without cause,
payment of a termination fee equal to the Shared Services Fee paid for the two quarters preceding termination.
The
Company paid $0.5 million and $0.9 million to FGM under the Shared Services Agreement for each of the three months and six months June
30, 2024 and 2023, respectively.
Note
12. Net Earnings Per Share
Net
earnings per share is computed by dividing net income by the weighted average number of common shares and common share equivalents outstanding
during the periods presented. In calculating diluted earnings per share, those potential common shares that are found to be anti-dilutive
are excluded from the calculation. The table below provides a summary of the numerators and denominators used in determining basic and
diluted earnings per share for the three and six months ended June 30, 2024 and 2023 (in thousands, except per share amounts).
Schedule
of Numerators and Denominators Used in Calculation of Basic and Diluted Earnings Per Share
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Basic and diluted: | |
| | | |
| | | |
| | | |
| | |
Net loss from continuing operations | |
$ | (6,075 | ) | |
$ | (6,284 | ) | |
$ | (11,157 | ) | |
$ | (11,076 | ) |
Net loss attributable to non-controlling interest | |
| 143 | | |
| 118 | | |
| 160 | | |
| 118 | |
Dividends declared on Series A Preferred Shares | |
| (447 | ) | |
| - | | |
| (516 | ) | |
| - | |
Loss attributable to Fundamental Global common shareholders from continuing operations | |
$ | (6,379 | ) | |
$ | (6,166 | ) | |
$ | (11,513 | ) | |
$ | (10,958 | ) |
Weighted average common shares outstanding | |
| 28,518 | | |
| 9,705 | | |
| 22,651 | | |
| 9,564 | |
Loss per common share from continuing operations | |
$ | (0.22 | ) | |
$ | (0.63 | ) | |
$ | (0.51 | ) | |
$ | (1.15 | ) |
The
following potentially dilutive securities outstanding as of June 30, 2024 and 2023 have been excluded from the computation of diluted
weighted-average shares outstanding as their effect would be anti-dilutive.
Schedule
of Potentially Dilutive Securities Excluded from Calculation
| |
As of June 30, | |
| |
2024 | | |
2023 | |
Options to purchase common stock | |
| 715,000 | | |
| 742,000 | |
Restricted stock units | |
| 745,268 | | |
| 596,934 | |
Note
13. Debt
The
Company’s short-term and long-term debt consist of the following (in thousands):
Schedule
of Short-Term and Long-Term Debt
| |
June 30,
2024 | | |
December 31,
2023 | |
Short-term debt: | |
| | | |
| | |
20-year installment loan | |
$ | 2,193 | | |
$ | 2,227 | |
Insurance note payable | |
| 433 | | |
| 83 | |
Total short-term debt | |
| 2,626 | | |
| 2,310 | |
Less: deferred debt issuance costs, net | |
| (12 | ) | |
| (16 | ) |
Total short-term debt, net of issuance costs | |
$ | 2,614 | | |
$ | 2,294 | |
| |
| | | |
| | |
Long-term debt: | |
| | | |
| | |
Tenant improvement loan | |
$ | 108 | | |
$ | 126 | |
ICS promissory note | |
| 329 | | |
| 446 | |
Digital Ignition building loan | |
| - | | |
| 4,925 | |
Total long-term debt | |
$ | 437 | | |
$ | 5,497 | |
Less: deferred debt issuance costs, net | |
| - | | |
| (36 | ) |
Long-term debt, net of deferred debt issuance costs, net | |
$ | 437 | | |
$ | 5,461 | |
Installment
Loan and Revolving Credit Facility
In
January 2023, Strong/MDI and Canadian Imperial Bank of Commerce (“CIBC”) entered into a demand credit agreement (the
“2023 Credit Agreement”), which amended and restated the 2021 Credit Agreement. The 2023 Credit Agreement consists of a
revolving line of credit for up to CAD$5.0
million and a 20-year installment loan for up to CAD$3.1
million. Under the 2023 Credit Agreement: (i)
the amount outstanding under the line of credit is payable on demand and bears interest at the lender’s prime rate plus 1.0%
and (ii) the amount outstanding under the 20-year installment loan bears interest at the lender’s prime rate plus 0.5% and is
payable in monthly installments, including interest, over their respective borrowing periods. The lender may also demand repayment
of the 20-year installment loan at any time. The 2023 Credit Agreement is secured by a lien on Strong/MDI’s Quebec, Canada
facility and substantially all of Strong/MDI’s assets. The 2023 Credit Agreement requires Strong/MDI to maintain a ratio of
liabilities to “effective equity” (tangible stockholders’ equity, less amounts receivable from affiliates and
equity holdings) not exceeding 2.5 to 1 and a fixed charge coverage ratio of not less than 1.1 times earnings before interest,
income taxes, depreciation and amortization. In connection with the IPO, the 20-year installment note did not transfer to the Company. In May 2023, Strong/MDI
and CIBC entered into an amendment to the 2023 Credit Agreement which reduced the amount available under the revolving line of
credit to CAD$3.4 million, and CIBC provided an undertaking to Strong/MDI to a release of CIBC’s security interest in certain
assets to be transferred to a subsidiary in connection with transactions related to the IPO.
On
January 19, 2024, Strong Global Entertainment entered into a new demand credit agreement with CIBC. The agreement consists of a demand
operating credit and a business credit card facility. Under the demand operating credit, with certain conditions, the credit limit is
the lesser of (a) CAD$6.0 million or (b) the sum of (i) 80% of Receivable Value, which includes all North American accounts receivable
of Strong/MDI and STS, and (ii) 50% of Inventory Value, but in no event may the amount in this clause (ii) exceed $1.5 million, minus
(iii) all Priority Claims (as defined in the demand credit agreement). As of June 30, 2024, there was CAD$4.0 million, or approximately
$2.9 million, of principal outstanding on the revolving credit facility, which bears variable interest at 8.2%. Strong Global Entertainment
was in compliance with its debt covenants as of June 30, 2024. The Company has classified the principal outstanding on the revolving
credit facility as part of discontinued operations since the outstanding balance will be transferred as part of the sale of Strong/MDI.
Tenant
Improvement Loan
During
the fourth quarter of 2021, the Company entered into a lease for a combined office and warehouse in Omaha, Nebraska. The Company incurred
total costs of approximately $0.4 million to complete the build-out of the new combined office and warehouse facility. The landlord has
agreed to fund approximately 50% of the build-out costs, and the Company is required to repay the portion funded by the landlord in equal
monthly installments through the end of the initial lease term in February 2027. Through the end of 2021, the Company incurred approximately
$0.2 million of total costs to build out the facility, of which approximately $0.1 million was funded by the landlord. The Company completed
the build-out during the first quarter of 2022 and incurred an additional $0.2 million of total costs to complete the build-out, of which
approximately $0.1 million was funded by the landlord.
Digital
Ignition Building Loan
In
January 2022, the Company purchased a parcel of land with buildings and improvements in Alpharetta, Georgia. In connection with the purchase
of the land and building, the Company entered into a Commercial Loan Agreement (the “Loan Agreement”) with Community First
Bank (the “Lender”), dated February 1, 2022. Pursuant to the Loan Agreement, the Lender agreed to lend the Company approximately
$5.3 million (the “Loan Amount”), and the Borrower agreed to repay the Loan Amount pursuant to the terms of a promissory
note (the “Note”).
The
term of the Loan Agreement runs from February 1, 2022, until the Loan Amount is repaid in full by the Company or the Loan Agreement is
terminated pursuant to its terms or by agreement between the Company and the Lender. The terms of the Note include (i) a fixed interest
rate of 4%, (ii) maturity date of February 1, 2027, (iii) monthly payments of approximately $32 thousand beginning on March 1, 2022,
and continuing on the first of each month until the maturity date or until the Note has been paid in full, (iv) a default interest of
8% in the event of a default pursuant to the terms of the Note, and (v) prepayment penalties of (a) 3% of all excess payments during
the first two years of the term of the Note, (b) 2% of all excess payments during the third and fourth years of the term of the Note,
and (c) 1% of all excess payments made during the fifth year of the term of the Note.
The
Note includes standard events of default and references defaults under the Loan Agreement and the Deed to Secure Debt as events of default
under the Note. The Company has a right to cure any curable events of default.
In
April 2024, the Company closed the sale of the Digital Ignition Building and the Digital Ignition Building Loan was repaid in full.
ICS
Promissory Note
STS
issued a $0.5 million promissory note in connection with the acquisition of Innovative Cinema Solutions (“ICS”). The promissory
note will be repaid in monthly installments of approximately $20,000 through November 2025 and bears fixed interest of 5%.
Insurance
Note
The
Company maintains certain commercial insurance policies, including management liability and other policies customarily held by publicly
traded companies. The Company elected to finance a portion of the annual premium, which will be repaid in monthly installments through
April 2025. The finance agreement bears fixed interest of approximately 9.7%.
Contractual
Principal Payments
Contractual
required principal payments on the Company’s long-term debt at June 30, 2024 are as follows (in thousands):
Schedule of Contractual Principal Payments
| |
Tenant Improvement Loan | | |
ICS Promissory Note | | |
Total | |
Remainder of 2024 | |
$ | 19 | | |
$ | 116 | | |
$ | 135 | |
2025 | |
| 40 | | |
| 213 | | |
| 253 | |
2026 | |
| 42 | | |
| - | | |
| 42 | |
2027 | |
| 7 | | |
| - | | |
| 7 | |
Total | |
$ | 108 | | |
$ | 329 | | |
$ | 437 | |
Note
14. Commitments and Contingencies
Legal
Proceedings:
From
time to time, we are involved in legal proceedings and litigation arising in the ordinary course of business. Currently, it is not possible
to predict legal outcomes and their impact on the future development of claims. Any such development will be affected by future court
decisions and interpretations. Because of these uncertainties, additional liabilities may arise for amounts in excess of the Company’s
current reserves.
The
Company is named as a defendant in personal injury lawsuits based on alleged exposure to asbestos-containing materials. A majority of
the cases involve product liability claims based principally on allegations of past distribution of commercial lighting products containing
wiring that may have contained asbestos. Each case names dozens of corporate defendants in addition to the Company. In the Company’s
experience, a large percentage of these types of claims have never been substantiated and have been dismissed by the courts. The Company
has not suffered any adverse verdict in a trial court proceeding related to asbestos claims and intends to continue to defend these lawsuits.
As of June 30, 2024, the Company has a loss contingency reserve of approximately $0.2 million, of which $0.1 million represents future
payments on a settled case and the remaining $0.1 million represents management’s estimate of its potential losses related to the
settlement of open cases. When appropriate, the Company may settle additional claims in the future. Management does not expect the resolution
of these cases to have a material adverse effect on the Company’s condensed consolidated financial condition, results of operations
or cash flows.
On
April 29, 2024, Ravenwood-Productions LLC (“Ravenwood”) and Kevin V. Duncan (“Duncan” and, together with Ravenwood,
the “Plaintiffs”) filed a civil complaint (the “Complaint”) against Strong Global Entertainment, certain affiliated
entities, and certain current and former employees, officers and directors of the Strong Global Entertainment (collectively, the “Defendants”)
in the United States District Court for the Central District of California. The Complaint claimed seven causes of action, each claim
against some, or all, of the Defendants. In July 2024, Strong Global Entertainment entered into an agreement resulting in the settlement
and dismissal of the Complaint. In connection with the settlement and dismissal, Strong Global Entertainment did not make any cash payments
to the Plaintiffs. In addition, Strong Global Entertainment maintained a right to receive distributions to recover its investment and
to participate in series profits (if any).
On July 16, 2024, the Company received notice that its was named as a defendant, along with over 500 other companies, in a
civil action filed for cost recovery and contributions related to the release and/or threatened
release of hazardous substances from a facility known as the BKK Class 1 Landfill in Los Angeles County California from periods prior
to 1987. The action alleges that FGH is a successor to Pichel Industries, Inc. (“Pichel Industries”) and that Pichel Industries
contributed waste to the landfill. Management of FG is in the early stages of evaluating the claim and determining its response.
Note
15. Leases
The
following tables present the Company’s lease costs and other lease information (dollars in thousands):
Schedule of Lease Cost
Lease cost | |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
| |
Three Months Ended | | |
Six Months Ended | |
Lease cost | |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
Finance lease cost: | |
| | | |
| | | |
| | | |
| | |
Amortization of right-of-use assets | |
$ | 65 | | |
$ | 37 | | |
$ | 130 | | |
$ | 70 | |
Interest on lease liabilities | |
| 26 | | |
| 15 | | |
| 54 | | |
| 27 | |
Operating lease cost | |
| 68 | | |
| 23 | | |
| 150 | | |
| 57 | |
Net lease cost | |
$ | 159 | | |
$ | 75 | | |
$ | 334 | | |
$ | 154 | |
| |
| | | |
| | | |
| | | |
| | |
Schedule of Other Information on Lease
Other information | |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
| |
Three Months Ended | | |
Six Months Ended | |
Other information | |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
Cash paid for amounts included in the measurement of lease liabilities: | |
| | | |
| | | |
| | | |
| | |
Operating cash flows from finance leases | |
$ | 26 | | |
$ | 15 | | |
$ | 54 | | |
$ | 27 | |
Operating cash flows from operating leases | |
$ | 65 | | |
$ | 33 | | |
$ | 130 | | |
$ | 65 | |
Financing cash flows from finance leases | |
$ | 62 | | |
$ | 38 | | |
$ | 127 | | |
$ | 66 | |
| |
As of June 30,
2024 | |
Weighted-average remaining lease term - finance leases (years) | |
| 1.9 | |
Weighted-average remaining lease term - operating leases (years) | |
| 2.0 | |
Weighted-average discount rate - finance leases | |
| 9.3 | % |
Weighted-average discount rate - operating leases | |
| 5.1 | % |
The
following table presents a maturity analysis of the Company’s operating and finance lease liabilities as of June 30, 2024 (in thousands):
Schedule of Maturity Analysis of Operating and Finance Lease Liabilities
| |
Operating Leases | | |
Finance Leases | |
Remainder of 2024 | |
$ | 110 | | |
$ | 176 | |
2025 | |
| 152 | | |
| 600 | |
2026 | |
| 81 | | |
| 468 | |
2027 | |
| 14 | | |
| - | |
Total lease payments | |
| 357 | | |
| 1,244 | |
Less: Amount representing interest | |
| (19 | ) | |
| (144 | ) |
Lease obligations | |
$ | 338 | | |
$ | 1,100 | |
Note 16. Segment Reporting
The
Company has three operating segments—insurance, asset management and Strong Global Entertainment. The chief operating decision
maker (“CODM”) is the Company’s Chief Executive Officer. The measure of profit or loss used by the CODM to identify
and measure the Company’s reportable segments is income before income tax. Our insurance segment consists of the operations of
our Cayman Islands-based reinsurance subsidiary, FGRe, as well as the returns associated with the investments made by our reinsurance
operations. Our asset management segment includes our holdings made outside of reinsurance operations. Our Strong Global Entertainment
segment includes Strong/MDI, which is a leading premium screen and projection coatings supplier in the world, and STS, which provides
comprehensive managed service offerings with 24/7/365 support nationwide to ensure solution uptime and availability.
The
following table presents the financial information for each segment that is specifically identifiable or based on allocations using internal
methodology as of and for the three and six months ended June 30, 2024 and 2023. The ‘other’ category in the table below
consists largely of corporate general and administrative expenses which have not been allocated to a specific segment.
Summary
of Segment Reporting
| |
Insurance | | |
Asset Management | | |
Strong Global Entertainment | | |
Other | | |
Total | |
| |
Three Months Ended June 30, 2024 | |
| |
Insurance | | |
Asset Management | | |
Strong Global Entertainment | | |
Other | | |
Total | |
Net premiums earned | |
$ | 3,697 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 3,697 | |
Net investment income | |
| (365 | ) | |
| (3,646 | ) | |
| - | | |
| - | | |
| (4,011 | ) |
Product sales | |
| - | | |
| - | | |
| 4,782 | | |
| - | | |
| 4,782 | |
Services revenue | |
| - | | |
| - | | |
| 3,339 | | |
| 67 | | |
| 3,406 | |
Total revenue | |
$ | 3,332 | | |
$ | (3,646 | ) | |
$ | 8,121 | | |
$ | 67 | | |
$ | 7,874 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Three Months Ended June 30, 2023 | |
| |
Insurance | | |
Asset Management | | |
Strong Global Entertainment | | |
Other | | |
Total | |
Net premiums earned | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
Net investment income | |
| - | | |
| (3,690 | ) | |
| - | | |
| - | | |
| (3,690 | ) |
Product sales | |
| - | | |
| - | | |
| 3,794 | | |
| - | | |
| 3,794 | |
Services revenue | |
| - | | |
| - | | |
| 3,049 | | |
| 183 | | |
| 3,232 | |
Total revenue | |
$ | - | | |
$ | (3,690 | ) | |
$ | 6,843 | | |
$ | 183 | | |
$ | 3,336 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Six Months Ended June 30, 2024 | |
| |
Insurance | | |
Asset Management | | |
Strong Global Entertainment | | |
Other | | |
Total | |
Net premiums earned | |
$ | 4,472 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 4,472 | |
Net investment income | |
| (819 | ) | |
| (6,592 | ) | |
| - | | |
| - | | |
| (7,411 | ) |
Product sales | |
| - | | |
| - | | |
| 9,417 | | |
| - | | |
| 9,417 | |
Services revenue | |
| - | | |
| - | | |
| 6,387 | | |
| 264 | | |
| 6,651 | |
Total revenue | |
$ | 3,653 | | |
$ | (6,592 | ) | |
$ | 15,804 | | |
$ | 264 | | |
$ | 13,129 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Six Months Ended June 30, 2023 | |
| |
Insurance | | |
Asset Management | | |
Strong Global Entertainment | | |
Other | | |
Total | |
Net premiums earned | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
Net investment income | |
| - | | |
| (7,232 | ) | |
| - | | |
| - | | |
| (7,232 | ) |
Product sales | |
| - | | |
| - | | |
| 7,564 | | |
| - | | |
| 7,564 | |
Services revenue | |
| - | | |
| - | | |
| 5,796 | | |
| 341 | | |
| 6,137 | |
Total revenue | |
$ | - | | |
$ | (7,232 | ) | |
$ | 13,360 | | |
$ | 341 | | |
$ | 6,469 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| June 30, 2024 | |
| |
| Insurance | | |
| Asset Management | | |
| Strong Global Entertainment | | |
| Other | | |
| Total | |
Segment assets | |
$ | 38,977 | | |
$ | 32,857 | | |
$ | 12,505 | | |
$ | 14,065 | | |
$ | 98,404 | |
The
following tables disaggregate the Company’s product sales and services revenue by major source for the three and six months ended
June 30, 2024 and 2023 (in thousands):
Schedule Disaggregate Product Sales and Services Revenue
| |
Strong Entertainment | | |
Other | | |
Total | | |
Strong Entertainment | | |
Other | | |
Total | |
| |
Three Months Ended June 30, 2024 | | |
Three Months Ended June 30, 2023 | |
| |
Strong Entertainment | | |
Other | | |
Total | | |
Strong Entertainment | | |
Other | | |
Total | |
Screen system sales | |
$ | 63 | | |
$ | - | | |
$ | 63 | | |
$ | 52 | | |
$ | - | | |
$ | 52 | |
Digital equipment sales | |
| 4,356 | | |
| - | | |
| 4,356 | | |
| 3,537 | | |
| - | | |
| 3,537 | |
Extended warranty sales | |
| 30 | | |
| - | | |
| 30 | | |
| 49 | | |
| - | | |
| 49 | |
Other product sales | |
| 333 | | |
| - | | |
| 333 | | |
| 156 | | |
| - | | |
| 156 | |
Total product sales | |
| 4,782 | | |
| - | | |
| 4,782 | | |
| 3,794 | | |
| - | | |
| 3,794 | |
Field maintenance and monitoring services | |
| 1,896 | | |
| - | | |
| 1,896 | | |
| 1,912 | | |
| - | | |
| 1,912 | |
Installation services | |
| 1,236 | | |
| - | | |
| 1,236 | | |
| 1,038 | | |
| - | | |
| 1,038 | |
Other service revenues | |
| 207 | | |
| 67 | | |
| 274 | | |
| 99 | | |
| 183 | | |
| 282 | |
Total service revenues | |
| 3,339 | | |
| 67 | | |
| 3,406 | | |
| 3,049 | | |
| 183 | | |
| 3,232 | |
Total | |
$ | 8,121 | | |
$ | 67 | | |
$ | 8,188 | | |
$ | 6,843 | | |
$ | 183 | | |
$ | 7,026 | |
| |
Strong Entertainment | | |
Other | | |
Total | | |
Strong Entertainment | | |
Other | | |
Total | |
| |
Six Months Ended June 30, 2024 | | |
Six Months Ended June 30, 2023 | |
| |
Strong Entertainment | | |
Other | | |
Total | | |
Strong Entertainment | | |
Other | | |
Total | |
Screen system sales | |
$ | 103 | | |
$ | - | | |
$ | 103 | | |
$ | 123 | | |
$ | - | | |
$ | 123 | |
Digital equipment sales | |
| 8,594 | | |
| - | | |
| 8,594 | | |
| 7,063 | | |
| - | | |
| 7,063 | |
Extended warranty sales | |
| 87 | | |
| - | | |
| 87 | | |
| 100 | | |
| - | | |
| 100 | |
Other product sales | |
| 633 | | |
| - | | |
| 633 | | |
| 278 | | |
| - | | |
| 278 | |
Total product sales | |
| 9,417 | | |
| - | | |
| 9,417 | | |
| 7,564 | | |
| - | | |
| 7,564 | |
Field maintenance and monitoring services | |
| 3,806 | | |
| - | | |
| 3,806 | | |
| 3,803 | | |
| - | | |
| 3,803 | |
Installation services | |
| 2,172 | | |
| - | | |
| 2,172 | | |
| 1,840 | | |
| - | | |
| 1,840 | |
Other service revenues | |
| 409 | | |
| 264 | | |
| 673 | | |
| 153 | | |
| 341 | | |
| 494 | |
Total service revenues | |
| 6,387 | | |
| 264 | | |
| 6,651 | | |
| 5,796 | | |
| 341 | | |
| 6,137 | |
Total | |
$ | 15,804 | | |
$ | 264 | | |
$ | 16,068 | | |
$ | 13,360 | | |
$ | 341 | | |
$ | 13,701 | |
The
following tables disaggregate the Company’s revenue by the timing of transfer of goods or services to the customer for the three
and six months ended June 30, 2024 and June 30, 2023 (in thousands):
Schedule Disaggregate Revenue by the Timing of Transfer of Goods or Services
| |
Strong Entertainment | | |
Other | | |
Total | | |
Strong Entertainment | | |
Other | | |
Total | |
| |
Three Months Ended June 30, 2024 | | |
Three Months Ended June 30, 2023 | |
| |
Strong Entertainment | | |
Other | | |
Total | | |
Strong Entertainment | | |
Other | | |
Total | |
Point in time | |
$ | 6,527 | | |
$ | - | | |
$ | 6,527 | | |
$ | 5,316 | | |
$ | 34 | | |
$ | 5,350 | |
Over time | |
| 1,594 | | |
| 67 | | |
| 1,661 | | |
| 1,527 | | |
| 149 | | |
| 1,676 | |
Total | |
$ | 8,121 | | |
$ | 67 | | |
$ | 8,188 | | |
$ | 6,843 | | |
$ | 183 | | |
$ | 7,026 | |
| |
Strong Entertainment | | |
Other | | |
Total | | |
Strong Entertainment | | |
Other | | |
Total | |
| |
Six Months Ended June 30, 2024 | | |
Six Months Ended June 30, 2023 | |
| |
Strong Entertainment | | |
Other | | |
Total | | |
Strong Entertainment | | |
Other | | |
Total | |
Point in time | |
$ | 12,613 | | |
$ | 2 | | |
$ | 12,615 | | |
$ | 10,312 | | |
$ | 48 | | |
$ | 10,360 | |
Over time | |
| 3,191 | | |
| 262 | | |
| 3,453 | | |
| 3,048 | | |
| 293 | | |
| 3,341 | |
Total | |
$ | 15,804 | | |
$ | 264 | | |
$ | 16,068 | | |
$ | 13,360 | | |
$ | 341 | | |
$ | 13,701 | |
At
June 30, 2024, the unearned revenue amount associated with maintenance and monitoring services and extended warranty sales in which the
Company is the primary obligor was $0.4 million. The Company expects to recognize $0.4 million of unearned revenue amounts during the
remainder of 2024 and immaterial amounts during 2025-2026.
The
following tables summarize the Company’s products and services revenue by geographic area for the three and six months ended June
30, 2024 and 2023 (in thousands):
Schedule of Products and Services Revenue by Geographic Area
| |
Three Months Ended June 30, 2024 | | |
Three Months Ended June 30, 2023 | | |
Six Months Ended June 30, 2024 | | |
Six Months Ended June 30, 2023 | |
United States | |
$ | 8,022 | | |
$ | 6,904 | | |
$ | 15,750 | | |
$ | 13,480 | |
Canada | |
| 12 | | |
| 10 | | |
| 19 | | |
| 10 | |
Europe | |
| 140 | | |
| 75 | | |
| 266 | | |
| 137 | |
Asia | |
| - | | |
| - | | |
| 3 | | |
| - | |
Other | |
| 14 | | |
| 37 | | |
| 30 | | |
| 74 | |
Total | |
$ | 8,188 | | |
$ | 7,026 | | |
$ | 16,068 | | |
$ | 13,701 | |
Total revenue | |
$ | 8,188 | | |
$ | 7,026 | | |
$ | 16,068 | | |
$ | 13,701 | |
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
You
should read the following discussion in conjunction with our consolidated financial statements and related notes and information included
elsewhere in this Quarterly Report on Form 10-Q, in our Annual Report for the year ended December 31, 2023 on Form 10-K filed with
the Securities and Exchange Commission (“SEC”) on March 14, 2024, and in subsequent filings with the SEC.
Unless
context denotes otherwise, the terms “Company,” “Fundamental Global” “we,” “us,” and
“our,” refer to Fundamental Global Inc., and its subsidiaries.
Cautionary
Note about Forward-Looking Statements
This
Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as
amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
These statements are therefore entitled to the protection of the safe harbor provisions of these laws. These statements may be identified
by the use of forward-looking terminology such as “anticipate,” “believe,” “budget,” “can,”
“contemplate,” “continue,” “could,” “envision,” “estimate,” “expect,”
“evaluate,” “forecast,” “goal,” “guidance,” “indicate,” “intend,”
“likely,” “may,” “might,” “outlook,” “plan,” “possibly,” “potential,”
“predict,” “probable,” “probably,” “pro-forma,” “project,” “seek,”
“should,” “target,” “view,” “will,” “would,” “will be,” “will
continue,” “will likely result” or the negative thereof or other variations thereon or comparable terminology. In particular,
discussions and statements regarding the Company’s future business plans and initiatives are forward-looking in nature. We have
based these forward-looking statements on our current expectations, assumptions, estimates, and projections. While we believe these to
be reasonable, such forward-looking statements are only predictions and involve a number of risks and uncertainties, many of which are
beyond our control. These and other important factors may cause our actual results, performance, or achievements to differ materially
from any future results, performance or achievements expressed or implied by these forward-looking statements, and may impact our ability
to implement and execute on our future business plans and initiatives.
Management
cautions that the forward-looking statements in this Quarterly Report on Form 10-Q are not guarantees of future performance, and we
cannot assume that such statements will be realized or the forward-looking events and circumstances will occur. Factors that might
cause such a difference include, without limitation: failure to realize cost savings, efficiencies and other expected benefits from
recent acquisition and sale transactions and the anticipated Arrangement; general conditions in the global economy; our lack of
operating history or established reputation in the reinsurance industry; our inability to obtain or maintain the necessary approvals
to operate reinsurance subsidiaries; risks associated with operating in the reinsurance industry, including inadequately priced
insured risks, credit risk associated with brokers we may do business with, and inadequate retrocessional coverage; our inability to
execute on our investment and investment management strategy, including our strategy to invest in the risk capital of special
purpose acquisition companies (SPACs); potential loss of value of investments; risk of becoming an investment company; fluctuations
in our short-term results as we implement our new business strategy; risks of being unable to attract and retain qualified
management and personnel to implement and execute on our business and growth strategy; failure of our information technology
systems, data breaches and cyber-attacks; our ability to establish and maintain an effective system of internal controls; our
limited operating history as a public company; the requirements of being a public company and losing our status as a smaller
reporting company or becoming an accelerated filer; any potential conflicts of interest between us and our controlling stockholders
and different interests of controlling stockholders; potential conflicts of interest between us and our directors and executive
officers; risks associated with our related party transactions and investments; and risks associated with our investments in SPAC,
including the failure of any such SPAC to complete its initial business combination. Our expectations and future plans and
initiatives may not be realized. If one of these risks or uncertainties materializes, or if our underlying assumptions prove
incorrect, actual results may vary materially from those expected, estimated or projected. You are cautioned not to place undue
reliance on forward-looking statements. The forward-looking statements are made only as of the date hereof and do not necessarily
reflect our outlook at any other point in time. We do not undertake and specifically decline any obligation to update any such
statements or to publicly announce the results of any revisions to any such statements to reflect new information, future events or
developments.
Overview
Fundamental
Global Inc. (“Fundamental Global”, the “Company”, “we”, or “us”), formerly known as FG
Financial Group, Inc. (“FGF”), is engaged in diverse business activities including reinsurance, asset management, merchant
banking, manufacturing and managed services The Company’s principal business operations are conducted through its subsidiaries
and affiliates.
On
February 29, 2024, FGF and FG Group Holdings, Inc. (“FGH”), closed the plan of merger to combine the companies in
an all-stock transaction (the “Merger”). In connection with the Merger, FGH common stockholders received one share
of FGF common stock for each share of common stock of FGH held by such stockholder. Upon completion of the Merger, the combined
company was renamed to Fundamental Global and the common stock and Series A cumulative preferred stock of the combined company continue to trade on the Nasdaq under the tickers “FGF” and “FGFPP,” respectively.
On
May 3, 2024, Strong Global Entertainment, Inc. (“Strong Global Entertainment”) entered into an acquisition agreement (the
“Acquisition Agreement”) with FG Acquisition Corp., a special purpose acquisition company (“FGAC”), Strong/MDI,
FGAC Investors LLC, and CG Investments VII Inc. (together with FGAC Investors LLC, the “Sponsors”), pursuant to which FGAC
intends to acquire, directly or indirectly, all of the outstanding shares in the capital of one of its wholly-owned subsidiary, Strong/MDI
Screen Systems, Inc. (“Strong/MDI”). As a result of the acquisition, Strong/MDI will become a wholly-owned subsidiary of
FGAC. As a result, we have presented the operating results of Strong/MDI as discontinued operations for all periods presented. See Note
4 for additional details
On
May 30, 2024, we and Strong Global Entertainment entered into a definitive arrangement agreement and plan of arrangement to combine the
companies in an all-stock transaction. Upon completion of the Arrangement, the stockholders of Strong Global Entertainment will receive
1.5 of our common shares for each share of Strong Global Entertainment. The transaction is expected to close in the third quarter of
2024, subject to customary closing conditions, including any necessary stockholder approval. Following the closing, Strong Global Entertainment
will cease to exist, and its Common Shares will be delisted from NYSE American and deregistered under the Exchange Act.
As
of June 30, 2024, Fundamental Global GP, LLC (“FG”) and its affiliated entities collectively beneficially owned approximately
28.2% of our common stock. D. Kyle Cerminara, our Chief Executive Officer and the Chairman of our Board of Directors, serves as Chief
Executive Officer, Co-Founder and Partner of FG.
Results
of Operations
As a result of the reverse merger
of FGF and FGH, the condensed consolidated financial statements for the periods prior to the merger represent the results of FGH, as the
accounting acquirer. For periods subsequent to the merger, the condensed consolidated financial statements represent the combined results
of FGH and FGF. In addition, Strong Studios and Strong/MDI, Inc are presented as discounted operations in the accompanying condensed consolidated
financial statements.
Management’s discussion and analysis of financial
condition and results of operations that follows reflects the continuing operations of the Company.
| |
Three Months Ended June 30, | | |
| | |
| |
| |
2024 | | |
2023 | | |
$ Change | | |
% Change | |
| |
(dollars in thousands) | | |
| |
Revenues | |
$ | 7,874 | | |
$ | 3,336 | | |
$ | 4,538 | | |
| 136.0 | % |
Expenses | |
| 13,927 | | |
| 9,542 | | |
| 4,385 | | |
| 46.0 | % |
Loss from operations | |
| (6,053 | ) | |
| (6,206 | ) | |
| 153 | | |
| (2.5 | )% |
Bargain purchase on acquisition and other expense, net | |
| (96 | ) | |
| (91 | ) | |
| (5 | ) | |
| 5.5 | % |
Net loss from continuing operations | |
| (6,075 | ) | |
| (6,284 | ) | |
| 209 | | |
| (3.3 | )% |
| |
Six Months Ended June 30, | | |
| | |
| |
| |
2024 | | |
2023 | | |
$ Change | | |
% Change | |
| |
(dollars in thousands) | | |
| |
Revenues | |
$ | 13,129 | | |
$ | 6,469 | | |
$ | 6,660 | | |
| 103.0 | % |
Expenses | |
| 25,996 | | |
| 17,412 | | |
| 8,584 | | |
| 49.3 | % |
Loss from operations | |
| (12,867 | ) | |
| (10,943 | ) | |
| (1,924 | ) | |
| 17.6 | % |
Bargain purchase on acquisition and other income (expense), net | |
| 1,619 | | |
| (140 | ) | |
| 1,759 | | |
| n/m | |
Net loss from continuing operations | |
| (11,157 | ) | |
| (11,076 | ) | |
| (81 | ) | |
| 0.7 | % |
Three
Months Ended June 30, 2024 Compared with Three Months Ended June 30, 2023
Revenue
Revenue
increased $4.5 million or 136.0% to $7.9 million for the three months ended June 30, 2024 from $3.3 million for the three months ended
June 30, 2023.
The
primary driver of revenue growth was the addition of $3.7 million of reinsurance premium revenue resulting from the Merger in
February 2024 and a $1.3 million increase in revenue from Strong Entertainment, partially offset by a slight increase in investment
losses compared with the prior year period. The growth in revenue from Strong Entertainment was due to the acquisition of the net
assets of Innovative Cinema Solutions, LLC (“ICS”) in late 2023 and increased demand from cinema operators for
installation services. Net investment income was unfavorable as the Company’s equity method losses were higher in the current
year period. The second quarter of 2024 was the first reporting period that reflects a full quarter of reinsurance and investment
operating results from the acquired FG Financial business lines.
Expenses
Total
expenses increased $4.4 million or 46.0% to $13.9 million for the three months ended June 30, 2024 from $9.5 million for the three months
ended June 30, 2023. Expenses are comprised of cost of sales related to the Strong Entertainment operating business, costs of the reinsurance
and asset management business and selling, general and administrative expenses.
The increase in total expenses was primarily due to the addition of the FGF business following the merger
in February 2024 which added $4.2 million in new reinsurance expenses and general and administrative expenses in the second quarter. In
addition, the Company’s costs of revenue and selling, general and administrative expenses increased with growth at Strong Entertainment
and as a result of operating Strong Entertainment as a separate public company.
Loss
from Operations
Loss
from operations decreased $0.2 million or 2.5% to $6.1 million for the three months ended June 30, 2024 from $6.2 million during the
first quarter of 2023. Improved gross profit contribution from Strong Entertainment, were partially offset by increased unrealized investment losses and increase
general and administrative costs related to both operating Strong Entertainment as a separate public company and the addition of FGF which
is not included in the prior period comparisons.
Net
Loss from Continuing Operations
Net
loss from continuing operations decreased $0.2 million or 3.3% for the three months ended June 30, 2024 from $6.3 million during the
first quarter of 2023. Improvements in gross profit from Strong Entertainment were partially offset by increased unrealized investment losses and increase general and administrative
costs related to both operating Strong Entertainment as a separate public company and the addition of FGF which is not included in the
prior period comparisons.
Six
Months Ended June 30, 2024 Compared with Six Months Ended June 30, 2023
Revenue
Revenue
increased $6.7 million or 103.0% to $13.1 million for the six months ended June 30, 2024 from $6.5 million for the six months ended June
30, 2023.
The
primary driver of revenue growth was the addition of $4.5 million of reinsurance premium revenue resulting from the merger in
February 2024 and a $2.4 million increase in revenue from Strong Entertainment. The growth in revenue from Strong Entertainment was due to the acquisition of
the net assets of ICS in late 2023 and increased demand from cinema operators for
installation services. Investment income was unfavorable as the Company’s equity method losses were higher in the current year
period. The six months ended June 30, 2024 includes four months of reinsurance and investment operating results from the acquired FG
Financial business lines.
Expenses
Total
expenses increased $8.6 million or 49.3% to $26.0 million for the six months ended June 30, 2024 from $17.4 million for the six months
ended June 30, 2023. Expenses are comprised of cost of sales related to the Strong Entertainment operating business, costs of the reinsurance
and asset management business and selling, general and administrative expenses.
The increase in total expenses was primarily due to the addition of the
FGF business following the merger in February 2024 which added $5.3 million in new reinsurance expenses and general and administrative
expenses in the six-month period. In addition, the Company’s costs of revenue and selling, general and administrative expenses
increased with growth at Strong Entertainment and as a result of operating Strong Entertainment as a separate public company. The Company
also recognized a $1.4 million non-cash impairment related to the sale of the Digital Ignition building.
Loss
from Operations
Loss
from operations increased $1.9 million or 17.6% to $12.9 million for the six months ended June 30, 2024 from $10.9 million during
the first quarter of 2023. Improved gross profit contributions from Strong Entertainment were offset by increased general and
administrative costs related to both operating Strong Entertainment as a separate public company and the addition of FGF which is
not included in the prior period comparisons as well as a non-cash impairment loss of $1.4 million related to the sale of Digital
Ignition.
Net
Loss from Continuing Operations
Net
loss from continuing operations increased $0.1 million or 0.7% for the six months ended June 30, 2024 from $11.1 million during the
first half of 2023. Improved gross profit contributions from Strong Entertainment and a $1.8 million gain related to the FGF merger
transaction were offset by increased general and administrative costs related to both operating Strong Entertainment as a separate
public company and the addition of FGF which is not included in the prior period comparisons as well as a non-cash impairment loss
of $1.4 million related to the sale of Digital Ignition.
Critical
Accounting Estimates
Critical
accounting estimates are those estimates made in accordance with generally accepted accounting principles that involve a significant
level of estimation uncertainty and have had or are reasonably likely to have a material impact on our financial condition or results
of operations. Actual results may differ materially from these estimates. Set forth below is qualitative and quantitative information
necessary to understand the estimation uncertainty and the impact the critical accounting estimate has had or is reasonably likely to
have on financial condition or results of operations, to the extent the information is material and reasonably available.
Other
Investments
Other
investments consist, in part, of equity investments made in privately held companies accounted for under the equity method. As discussed
further in Note 5, certain investments held by our equity method investees are valued using Monte-Carlo simulation and option pricing
models. Inherent in Monte-Carlo simulation and option pricing models are assumptions related to expected volatility and discount for
lack of marketability of the underlying investment. Our investees estimate the volatility of these investments based on the historical
performance of various broad market indices blended with various peer companies which they consider as having similar characteristics
to the underlying investment, as well as consideration of price and volatility of relevant publicly traded securities such as SPAC warrants.
Our investees also consider the probability of a successful merger when valuing equity for SPACs that have not yet completed a business
combination.
Current
Expected Credit Loss
Upon
adoption of ASU 2016-13, the Company calculated an allowance for expected credit losses for its reinsurance balances receivable by applying
a Probability of Default / Loss Given Default model. The model considers both the external collectability history as well as external
loss history. The external loss history that the Company used included a long-term probability of liquidation study specific to insurance
companies. Additionally, the life of each of the Company’s reinsurance treaties was also considered as the probability of default
was calculated over the contractual length of the reinsurance contracts. The credit worthiness of a counterparty is evaluated by considering
the credit ratings assigned by independent agencies and individually evaluating all the counterparties.
Trade
accounts receivable are recorded at the invoiced amount and do not bear interest. Management determines the allowance for expected credit
losses based on several factors, including overall customer credit quality, historical write-off experience and a specific analysis that
projects the ultimate collectability of the account. As such, these factors may change over time causing the allowance level and provision
for expected credit losses to be adjusted accordingly. Past due accounts are written off when our efforts have been unsuccessful in collecting
amounts due.
Valuation
of Net Deferred Income Taxes
The
provision for income taxes is calculated based on the expected tax treatment of transactions recorded in the Company’s consolidated
financial statements. In determining its provision for income taxes, the Company interprets tax legislation in a variety of jurisdictions
and makes assumptions about the expected timing of the reversal of deferred income tax assets and liabilities and the valuation of net
deferred income taxes.
The
ultimate realization of the deferred income tax asset balance is dependent upon the generation of future taxable income during the periods
in which the Company’s temporary differences reverse and become deductible. A valuation allowance is established when it is more
likely than not that all or a portion of the deferred income tax asset balance will not be realized. In determining whether a valuation
allowance is needed, management considers all available positive and negative evidence affecting specific deferred income tax asset balances,
including the Company’s past and anticipated future performance, the reversal of deferred income tax liabilities, and the availability
of tax planning strategies. To the extent a valuation allowance is established in a period, an expense must be recorded within the income
tax provision in the consolidated statements of income and comprehensive income.
Premium
Revenue Recognition
The
Company participates in reinsurance quota-share contracts and estimates the ultimate premiums for the contract period. These estimates
are based on information received from the ceding companies, whereby premiums are recorded as written in the same periods in which the
underlying insurance contracts are written and are based on cession statements from cedents. These statements are received quarterly
and in arrears, and thus, for any reporting lag, premiums written are estimated based on the portion of the ultimate estimated premiums
relating to the risks underwritten during the lag period. Premium estimates are reviewed by management periodically. Such review includes
a comparison of actual reported premiums to expected ultimate premiums. Based on management’s review, the appropriateness of the
premium estimates is evaluated, and any adjustments to these estimates are recorded in the period in which they are determined. Changes
in premium estimates, including premiums receivable, are not unusual and may result in significant adjustments in any period. A significant
portion of amounts included in the caption “Reinsurance balances receivable” in the Company’s consolidated balance
sheets represent estimated premiums written, net of commissions, brokerage, and loss and loss adjustment expense, and are not currently
due based on the terms of the underlying contracts. Premiums written are generally recognized as earned over the contract period in proportion
to the risk covered. Additional premiums due on a contract that has no remaining coverage period are earned in full when written. Unearned
premiums represent the unexpired portion of reinsurance provided.
Revenue
Recognition for Products and Services
The
Company accounts for revenue using the following steps:
|
● |
Identify
the contract, or contracts, with a customer; |
|
● |
Identify
the performance obligations in the contract; |
|
● |
Determine
the transaction price; |
|
● |
Allocate
the transaction price to the identified performance obligations; and |
|
● |
Recognize
revenue when, or as, the Company satisfies the performance obligations. |
We
combine contracts with the same customer into a single contract for accounting purposes when the contracts are entered into at or near
the same time and the contracts are negotiated as a single commercial package, consideration in one contract depends on the other contract,
or the services are considered a single performance obligation. If an arrangement involves multiple performance obligations, the items
are analyzed to determine the separate units of accounting, whether the items have value on a standalone basis and whether there is objective
and reliable evidence of their standalone selling price. The total contract transaction price is allocated to the identified performance
obligations based upon the relative standalone selling prices of the performance obligations. The standalone selling price is based on
an observable price for services sold to other comparable customers, when available, or an estimated selling price using a cost plus
margin approach. We estimate the amount of total contract consideration we expect to receive for variable arrangements by determining
the most likely amount we expect to earn from the arrangement based on the expected quantities of services we expect to provide and the
contractual pricing based on those quantities. We only include some or a portion of variable consideration in the transaction price when
it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur or when the uncertainty associated
with the variable consideration is subsequently resolved. We consider the sensitivity of the estimate, our relationship and experience
with the client and variable services being performed, the range of possible revenue amounts and the magnitude of the variable consideration
to the overall arrangement.
As
discussed in more detail below, revenue is recognized when a customer obtains control of promised goods or services under the terms of
a contract and is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing
services. We typically do not have any material extended payment terms, as payment is due at or shortly after the time of the sale. Sales,
value-added and other taxes collected concurrently with revenue producing activities are excluded from revenue.
We
recognize contract assets or unbilled receivables related to revenue recognized for services completed but not yet invoiced to the clients.
Unbilled receivables are recorded as accounts receivable when we have an unconditional right to contract consideration. A contract liability
is recognized as deferred revenue when we invoice clients, or receive cash, in advance of performing the related services under the terms
of a contract. Deferred revenue is recognized as revenue when we have satisfied the related performance obligation.
We
defer costs to acquire contracts, including commissions, incentives and payroll taxes, if they are incremental and recoverable costs
of obtaining a customer contract with a term exceeding one year. Deferred contract costs are reported within other assets and amortized
to selling expense over the contract term, which generally ranges from one to five years. The Company has elected to recognize the incremental
costs of obtaining a contract with a term of less than one year as a selling expense when incurred. We did not have any deferred contract
costs as of June 30, 2024 or December 31, 2023.
Deferred
Policy Acquisition Costs
Policy
acquisition costs are costs that vary with, and are directly related to, the successful production of new and renewal reinsurance business,
and consist principally of commissions, taxes, and brokerage expenses. If the sum of a contract’s expected losses and loss expenses
and deferred acquisition costs exceeds associated unearned premiums and expected investment income, a premium deficiency is determined
to exist. In this event, deferred acquisition costs are written off to the extent necessary to eliminate the premium deficiency. If the
premium deficiency exceeds deferred acquisition costs, then a liability is accrued for the excess deficiency. There were no premium deficiency
adjustments recognized during the periods presented herein.
Loss
and Loss Adjustment Expense Reserves
Loss
and loss adjustment expense reserve estimates are based on estimates derived from reports received from ceding companies. These estimates
are periodically reviewed by the Company’s management and adjusted as necessary. Since reserves are estimates, the final settlement
of losses may vary from the reserves established and any adjustments to the estimates, which may be material, are recorded in the period
they are determined.
Loss
estimates may also be based upon actuarial and statistical projections, an assessment of currently available data, predictions of future
developments, estimates of future trends and other factors. Significant assumptions used by the Company’s management and third-party
actuarial specialists include loss development factor selections, initial expected loss ratio selections, and weighting of methods used.
The final settlement of losses may vary, perhaps materially, from the reserves recorded. All adjustments to the estimates are recorded
in the period in which they are determined. U.S. GAAP does not permit establishing loss reserves, which include case reserves and IBNR
loss reserves, until the occurrence of an event which may give rise to a claim. As a result, only loss reserves applicable to losses
incurred up to the reporting date are established, with no allowance for the establishment of loss reserves to account for expected future
loss events. Generally, the Company obtains regular updates of premium and loss related information for the current and historical periods,
which are utilized to update the initial expected loss ratio. We also experience lag between (i) claims being reported by the underlying
insured to the Company’s cedent and (ii) claims being reported by the Company’s cedent to the Company. This lag may impact
the Company’s loss reserve estimates. Cedent reports have pre-determined due dates (for example, thirty days after each month end).
As a result, the lag depends in part upon the terms of the specific contract. The timing of the reporting requirements is designed so
that the Company receives premium and loss information as soon as practicable once the cedent has closed its books. Accordingly, there
should be a short lag in such reporting. Additionally, most of the contracts that have the potential for large single event losses have
provisions that such loss notifications are provided to the Company immediately upon the occurrence of an event.
Stock-Based
Compensation Expense
The
Company uses the fair-value method of accounting for stock-based compensation awards granted. The Company has determined the fair value
of its outstanding stock options on their grant date using the Black-Scholes option pricing model along with multiple Monte Carlo simulations
to determine a derived service period as the options vest based upon meeting certain performance conditions. The Company determines the
fair value of restricted stock units (“RSUs”) on their grant date using the fair value of the Company’s common stock
on the date the RSUs were issued (for those RSU which vest solely based upon the passage of time). The fair value of these awards is
recorded as compensation expense over the requisite service period, which is generally the expected period over which the awards will
vest, with a corresponding increase to additional paid-in capital. When the stock options are exercised, or correspondingly, when the
RSUs vest, the amount of proceeds together with the amount recorded in additional paid-in capital is recorded in shareholders’
equity.
Recent
Accounting Pronouncements
See
Note 2, Summary of Significant Accounting Policies, to the condensed consolidated financial statements included in this Quarterly Report
on Form 10-Q for a description of recently issued accounting pronouncements.
Liquidity
and Capital Resources
The
purpose of liquidity management is to ensure that there is sufficient cash to meet all financial commitments and obligations as they
fall due. The liquidity requirements of the Company and its subsidiaries have been met primarily by funds generated from operations,
proceeds from the sales of our common stock and credit facilities.
Cash
Flows
The
following table summarizes the Company’s consolidated cash flows for the six months ended June 30, 2024 and 2023 (in thousands).
|
|
Six
Months Ended
June
30, |
|
Summary
of Cash Flows |
|
2024 |
|
|
2023 |
|
Cash
and cash equivalents from continuing operations – beginning of period |
|
$ |
5,995 |
|
|
$ |
3,063 |
|
|
|
|
|
|
|
|
|
|
Net
cash used in operating activities from continuing operations |
|
|
(3,178 |
) |
|
|
(281 |
) |
Net
cash provided by investing activities from continuing operations |
|
|
4,326 |
|
|
|
77 |
|
Net
cash (used in) provided by financing activities from continuing operations |
|
|
(1,296 |
) |
|
|
2,008 |
|
Effect
of exchange rate changes on cash and cash equivalents |
|
|
3 |
|
|
|
(3 |
) |
Net
(decrease) increase in cash and cash equivalents from continuing operations |
|
|
(145 |
) |
|
|
1,801 |
|
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents from continuing operations – end of period |
|
$ |
5,850 |
|
|
$ |
4,864 |
|
For
the six months ended June 30, 2024, net cash used in operating activities from continuing operations was approximately $3.2 million,
compared to $0.3 for the six months ended June 30, 2023. Cash from operations decreased due to a net cash outflow for working
capital, including an increase in net outflows related to our insurance business, which were partially offset by an improvement in
Strong Global Entertainments’s results from operations.
For
the six months ended June 30, 2024, net cash provided by investing activities from continuing operations was approximately $4.3 million,
compared to $0.1 million for the six months ended June 30, 2023. Cash provided by investing activities during the six months ended
June 30, 2024 included $1.9 million of an increase in cash as a result of the merger of FGF and FGH, $1.2 million of proceeds from the sale of equity securities and $1.3
million from the sale of the Digital Ignition building. Investing cash flows during the
six months ended June 30, 2024 and 2023, included approximately $20,000 and $0.1 million, respectively, of capital expenditures in
the Strong Entertainment business.
For
the six months ended June 30, 2024, net cash used in financing activities from continuing operations was approximately $1.3 million,
compared to cash provided by financing activities of $2.0 million for the six months ended June 30, 2023. Cash used in financing activities
during the six months ended June 30, 2024 included $0.4 million of principal payments on debt and finances leases and $0.9 million of
payments of dividends on our Series A Preferred Shares. Cash by financing activities during the six months ended June 30, 2023 included
$2.4 million of net proceeds from the IPO of Strong Global Entertainment, partially offset by $0.3 million of principal payments on debt and finances
leases.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not
applicable.
ITEM
4. CONTROLS AND PROCEDURES
Evaluation
of Disclosure Controls and Procedures
The
Company’s management performed an evaluation under the supervision and with the participation of the Company’s principal
executive officer and principal financial officer of the effectiveness of the design and operation of the Company’s disclosure
controls and procedures, as such term is defined in Rules 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), as of June 30, 2024. Based upon this evaluation, the Company’s principal executive officer and
principal financial officer concluded that the Company’s disclosure controls and procedures were effective as of the end of the
period covered by this Quarterly Report on Form 10-Q to ensure that information required to be disclosed in the reports that the Company
files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the
SEC’s rules and forms; and (ii) accumulated and communicated to the Company’s management, including its principal executive
officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
Changes
in Internal Control Over Financial Reporting
There
were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act)
that occurred during the quarter ended June 30, 2024, that materially affected, or are reasonably likely to materially affect, our internal
control over financial reporting. As a result of the merger or FGF and FGH as of February 29, 2024, the Company’s overall control
environment and its internal controls over financial reporting now incorporate the internal controls over financial reporting that continue
in place for FGH as well as FGF.
PART
II. OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS
The
Company is involved, from time to time, in certain legal disputes in the ordinary course of business. No such disputes, individually
or in the aggregate, are expected to have a material effect on the Company’s business or financial condition.
Fundamental
Global is named as a defendant in personal injury lawsuits based on alleged exposure to asbestos-containing materials. A majority of
the cases involve product liability claims based principally on allegations of past distribution of commercial lighting products containing
wiring that may have contained asbestos. Each case names dozens of corporate defendants in addition to Fundamental Global. In Fundamental
Global’s experience, a large percentage of these types of claims have never been substantiated and have been dismissed by the courts.
Fundamental Global has not suffered any adverse verdict in a trial court proceeding related to asbestos claims and intends to continue
to defend these lawsuits. Under the Fundamental Global Asset Purchase Agreement, the Company agreed to indemnify Fundamental Global for
future losses, if any related to current product liability or personal injury claims arising out of products sold or distributed in the
U.S. by the operations of the businesses being transferred to the Company in the Separation, in an aggregate amount not to exceed $250,000
per year, as well as to indemnify Fundamental Global for all expenses (including legal fees) related to the defense of such claims. As
of June 30, 2024, the Company has a loss contingency reserve of approximately $0.2 million, of which $0.1 million represents future payments
on a settled case and the remaining $0.1 million represents the Company’s estimate of its potential losses related to the settlement
of open cases. When appropriate, Fundamental Global may settle additional claims in the future. The Company does not expect the resolution
of these cases to have a material adverse effect on its consolidated financial condition, results of operations or cash flows.
On
April 29, 2024, Ravenwood-Productions LLC (“Ravenwood”) and Kevin V. Duncan (“Duncan” and, together with Ravenwood,
the “Plaintiffs”) filed a civil complaint (the “Complaint”) against Strong Global Entertainment, certain affiliated
entities, and certain current and former employees, officers and directors of the Strong Global Entertainment (collectively, the “Defendants”)
in the United States District Court for the Central District of California. The Complaint claimed seven causes of action, each claim
against some, or all, of the Defendants. In July 2024, Strong Global Entertainment entered into an agreement resulting in the settlement
and dismissal of the Complaint. In connection with the settlement and dismissal, Strong Global Entertainment did not make any cash payments
to the Plaintiffs. In addition, Strong Global Entertainment maintained a right to receive distributions to recover our investment and
to participate in series profits (if any).
On July 16, 2024, we received notice that we were named as a defendant, along with over 500 other companies,
in a civil action filed for cost recovery and contributions related to the release and/or threatened
release of hazardous substances from a facility known as the BKK Class 1 Landfill in Los Angeles County California from periods prior
to 1987. The action alleges that FGH is a successor to Pichel Industries, Inc. (“Pichel Industries”) and that Pichel Industries
contributed waste to the landfill. We are in the early stages of evaluating the claim and determining our response.
ITEM
1A. RISK FACTORS
In
addition to the risk factors previously disclosed in Part I, Item 1A. “Risk Factors” to our annual report on Form 10-K for
the year ended December 31, 2023 filed with the SEC on March 14, 2024, we are subject to the following additional risk factors as a result
of the Merger:
The
Company is expected to incur significant costs related to the Merger and integration.
The
Company has incurred and expects to incur certain non-recurring costs associated with the merger and integration of FGH and FGF. These
costs include legal, financial advisory, accounting, consulting and other advisory fees, insurance, public company filing fees and other
regulatory fees, printing costs and other related costs. The combined company may also incur expenses in connection with the integration
of operations. There are many factors that could affect the total amount or the timing of the integration costs. Moreover, many of the
costs that will be incurred are, by their nature, difficult to estimate accurately. These integration costs may result in the Company
taking charges against earnings in future periods.
Integrating
the businesses may be more difficult, costly or time consuming than expected and the Company may fail to realize the anticipated benefits
of the Merger.
The
success of the Company will depend, in part, on the Company’s ability to successfully combine and integrate the businesses of FGF
and FGH in a manner that does not materially disrupt existing operations or result in decreased revenue or reputational harm. It is possible
that the integration process could result in the loss of key employees, the disruption of either company’s ongoing businesses,
difficulties in integrating operations and systems, including communications systems, administrative and information technology infrastructure
and financial reporting and internal control systems, or inconsistencies in standards, controls, procedures and policies that adversely
affect the companies’ ability to maintain relationships with clients, customers and employees or to achieve the anticipated benefits
and cost savings of the Merger. Integration efforts between the two companies may also divert management attention and resources. These
integration matters could have an adverse effect on the Company.
The
future results following the Merger may suffer if the Company does not effectively manage its expanded operations.
The
Company’s future success will depend, in part, upon its ability to manage this expanded business, which may pose challenges for
management, including challenges related to the management and monitoring of new operations and associated increased costs and complexity.
The Company may also face increased scrutiny from governmental authorities as a result of the significant increase in the size of its
business. There can be no assurances that the Company will be successful or that it will realize the expected operating efficiencies,
cost savings, revenue enhancements or other benefits currently anticipated from the Merger.
The
Company may be unable to retain current personnel successfully following the Merger.
The
success of the Company will depend in part on it’s ability to retain the talents and dedication of key employees and officers.
It is possible that these employees and officers may decide not to remain with the Company. If FGF and FGH are unable to retain key employees,
including management, who are critical to the successful integration and future operations of the companies, FGF and FGH could face disruptions
in their operations, loss of existing customers, loss of key information, expertise or know-how and unanticipated additional recruitment
costs. In addition, if key employees terminate their employment, the Company’s business activities may be adversely affected and
management’s attention may be diverted from successfully integrating the businesses to hiring suitable replacements, all of which
may cause the Company’s business to suffer. In addition, the Company may not be able to locate or retain suitable replacements
for any key employees who leave either company.
We
have no assurance of future business from any of our customers.
We
estimate future revenue associated with customers and customer prospects for purposes of financial planning and measurement of our sales
pipeline, but we have limited contractual assurance of future business from our customers. While we do have arrangements with some of
our customers, customers are not required to purchase any minimum amounts, and could stop doing business with us. Some customers maintain
simultaneous relationships with our competitors, and could shift more of their business away from us if they choose to do so in the future.
There
is no guarantee that we will be able to service and retain or renew existing agreements, maintain relationships with any of our customers
or business partners on acceptable terms or at all, or collect amounts owed to us from insolvent customers or business partners. The
loss of any of our large customers could have a material adverse impact on our business.
Our
operating results could be materially harmed if we are unable to accurately forecast demand for our products and services and adequately
manage our inventory.
To
ensure adequate inventory supply, we forecast inventory needs, place orders and plan personnel levels based on estimates of future demand.
Our ability to accurately forecast demand for our products and services is limited and could be affected by many factors, including an
increase or decrease in customer demand for our products and services or for products and services of our competitors, product and service
introductions by competitors, unanticipated changes in general market conditions, effects of the COVID-19 pandemic and the weakening
of economic conditions or consumer confidence in future economic conditions. If we fail to accurately forecast customer demand, we may
experience excess inventory levels or a shortage of products available for sale. Conversely, if we underestimate customer demand for
our products and services, we may not be able to deliver products to meet requirements, and this could result in damage to our brand
and customer relationships and adversely affect our revenue and operating results.
Interruptions
of, or higher prices of, components from our suppliers may affect our results of operations and financial performance.
A
portion of our revenues is dependent on the distribution of products supplied by various key suppliers. If we fail to maintain satisfactory
relationships with our suppliers, or if our suppliers experience significant financial difficulties, we could experience difficulty in
obtaining needed goods and services. Some suppliers could also decide to reduce inventories or raise prices to increase cash flow. The
loss of any one or more of our suppliers could have an adverse effect on our business, and we may be unable to secure alternative manufacturing
arrangements. Even if we are able to obtain alternative manufacturing arrangements, such arrangements may not be on terms similar to
our current arrangements, or we may be forced to accept less favorable terms in order to secure a supplier as quickly as possible so
as to minimize the impact on our business operations. In addition, any required changes in our suppliers could cause delays in our operations
and increase our production costs and new suppliers may not be able to meet our production demands as to volume, quality, or timeliness.
Geopolitical
conditions, military conflicts, acts or threats of terrorism, natural disasters, pandemics, and other conditions or events beyond our
control could adversely affect us.
Geopolitical
conditions, military conflicts (including Russia’s invasion of Ukraine), acts or threats of terrorism, natural disasters, pandemics
(including the COVID-19 pandemic), and other conditions or events beyond our control may adversely affect our business, results of operations,
financial condition, or prospects. For example, military conflicts, acts or threats of terrorism, and political, financial, or military
actions taken in response could adversely affect general economic, business, or market conditions and, in turn, us, especially as an
intermediary within the financial system. In addition, nation states engaged in warfare or other hostile actions may directly or indirectly
use cyberattacks against financial systems and financial-services companies like us to exert pressure on one another or other countries
with influence or interests at stake. We also could be negatively impacted if our key personnel, a significant number of our employees,
or our systems or infrastructure were to become unavailable or damaged due to a pandemic, natural disaster, war, act of terrorism, accident,
or similar cause. These same risks and uncertainties arise too for the service providers and counterparties on whom we depend as well
as their own third-party service providers and counterparties.
The
most notable impact of COVID-19 on our results of operations was the significant impact to our customers, specifically those in the entertainment
and advertising industries, and their ability and willingness to purchase our products and services. A significant number of our customers
temporarily ceased operations during the pandemic. For instance, many movie theaters and other entertainment centers were forced to close
or curtail their hours and, correspondingly, terminated or deferred their non-essential capital expenditures. The COVID-19 pandemic also
adversely affected film production and the pipeline of feature films available in the short- and long-term. We were also required to
temporarily close our screen manufacturing facility in Canada due to the governmental response to COVID-19, experienced lower revenues
from field services, and saw a reduction in non-recurring time and materials-based services. The impact of any future outbreak of contagious
disease, or a worsening or resurgence of COVID-19, is not readily ascertainable, is uncertain and cannot be predicted, but could have
an adverse impact on the Company’s business, financial condition and results of operations.
In
the case of Russia’s invasion of Ukraine, security risks as well as increases in fuel and other commodity costs, supply-chain disruptions,
and associated inflationary pressures have impacted our business the most.
We
may also experience one or more of the following conditions that could have a material adverse impact on our business operations and
financial condition: adverse effects on our strategic partners’ businesses or on the businesses of companies in which we hold equity
stakes; impairment charges; extreme currency exchange-rate fluctuations; inability to recover costs from insurance carriers; and business
continuity concerns for us, our customers and our third-party vendors.
These
conditions and events and others like them are highly complex and inherently uncertain, and their effect on our business, results of
operations, financial condition, and prospects in the future cannot be reliably predicted.
Changes
in general economic conditions, geopolitical conditions, domestic and foreign trade policies, monetary policies and other factors beyond
our control may adversely impact our business and operating results.
Our
operations and performance may depend on global, regional, economic and geopolitical conditions. Russia’s invasion and military
attacks on Ukraine have triggered significant sanctions from North American and European leaders. These events continue to develop and
escalate, creating increasingly volatile global economic conditions. Resulting changes in North American trade policy could trigger retaliatory
actions by Russia, its allies and other affected countries, including China, resulting in a “trade war.” A trade war could
result in increased costs for raw materials that we use in our manufacturing and could otherwise limit our ability to sell our products
abroad. These increased costs would have a negative effect on our financial condition and profitability. Furthermore, events like the
military conflict between Russia and Ukraine may increase the likelihood of supply interruptions and further hinder our ability to find
the materials we need to make our products. If the conflict between Russia and Ukraine continues for a long period of time, or if other
countries become further involved in the conflict, we could face significant adverse effects to our business and financial condition.
Environmental,
social and governance matters may impact our business and reputation.
Increasingly,
in addition to the importance of their financial performance, companies are being judged by their performance on a variety of environmental,
social and governance (“ESG”) matters, which are considered to contribute to the long-term sustainability of companies’
performance.
A
variety of organizations measure the performance of companies on ESG topics, and the results of these assessments are widely publicized.
In addition, investments in funds that specialize in companies that perform well in such assessments are increasingly popular, and major
institutional investors have publicly emphasized the importance of ESG measures to their investment decisions. Topics taken into account
in such assessments include, among others, companies’ efforts and impacts on climate change and human rights, ethics and compliance
with law, diversity and the role of companies’ board of directors in supervising various sustainability issues.
ESG
goals and values are embedded in our core mission and vision, and we consider their potential impact on the sustainability of our business
over time and the potential impact of our business on society. However, in light of investors’ increased focus on ESG matters,
there can be no certainty that we will manage such issues successfully, or that we will successfully meet society’s expectations
as to our proper role. This could lead to risk of litigation or reputational damage relating to our ESG policies or performance.
Further,
possible actions to address ESG issues may not maximize short-term financial results and may yield financial results that conflict with
the market’s expectations. We have and may in the future make business decisions that may reduce our short-term financial results
if we believe that the decisions are consistent with our ESG goals, which we believe will improve our financial results over the long-term.
These decisions may not be consistent with the short-term expectations of our stockholders and may not produce the long-term benefits
that we expect, in which case our business, financial condition, and operating results could be harmed.
The
markets for our products and services are highly competitive and if market share is lost, we may be unable to lower our cost structure
quickly enough to offset the loss of revenue.
The
domestic and international markets for our product lines are highly competitive, evolving and subject to rapid technological and other
changes. We expect the intensity of competition in each of these areas to continue in the future for a number of reasons including:
|
● |
Certain
of our competitors in the digital equipment industry have longer operating histories and greater financial, technical, marketing
and other resources than we do, which, among other things, may permit them to adopt aggressive pricing policies. As a result, we
may suffer from pricing pressures that could adversely affect our ability to generate revenues and our results of operations. Some
of our competitors also have greater name and brand recognition and a larger customer base than us. |
|
|
|
|
● |
Some
of our competitors are manufacturing their own digital equipment while we employ a distribution business model through our distribution
agreements with NEC Display Solutions of America, Inc. (“NEC”), Barco, Inc. (“Barco”) and certain other suppliers.
As a result, we may suffer from pricing pressures that could adversely affect our ability to generate revenues. |
|
|
|
|
● |
Suppliers
could decide to utilize their current sales force to supply their products directly to customers rather than utilizing channels. |
In
addition, we face competition for consumer attention from other forms of entertainment, including streaming services and other forms
of entertainment that may impact the cinema industry. The other forms of entertainment may be more attractive to consumers than those
utilizing our technologies, which could harm our business, prospects and operating results.
For
these and other reasons, we must continue to enhance our technologies and our existing products and services, and introduce new, high-quality
technologies and products and services to meet the wide variety of competitive pressures that we face. If we are unable to compete successfully,
our business, prospects and results of operations will be materially adversely impacted.
We
depend in part on distributors, dealers and resellers to sell and market our products and services, and our failure to maintain and further
develop our sales channels could harm our business.
In
addition to our in-house sales force, we sell some of our products and services through distributors, dealers and resellers. As we do
not have long-term contracts and these agreements may be cancelled at any time, any changes to our current mix of distributors could
adversely affect our gross margin and could negatively affect both our brand image and our reputation. If our distributors, dealers and
resellers are not successful in selling our products, our revenue would decrease. In addition, our success in expanding and entering
into new markets internationally will depend on our ability to establish relationships with new distributors. If we do not maintain our
relationship with existing distributors or develop relationships with new distributors, dealers and resellers our ability to grow our
business and sell our products and services could be adversely affected and our business may be harmed.
Our
capital allocation strategy may not be successful, which could adversely impact our financial condition.
We
intend to continue investing part of our cash balances in public and private companies and may engage in mergers, acquisitions and divestitures.
We intend our holdings in public companies to be made in circumstances where we believe that we will be able to exercise some degree
of influence or control. We may also continue to invest in private companies or other areas, including acquisitions of businesses. These
types of holdings are riskier than holding our cash balances as bank deposits or, for example, conservative options such as treasury
bonds or money market funds. There can be no assurance that we will be able to maintain or enhance the value or the performance of the
companies in which we have invested or may invest in the future, or that we will achieve returns or benefits from these holdings. Under
certain circumstances, significant declines in the fair values of these holdings may require the recognition of other-than-temporary
impairment losses. We may lose all or part of our holdings relating to such companies if their value decreases as a result of their financial
performance or for any other reason. If our interests differ from those of other investors in companies over which we do not have control,
we may be unable to effect any change at those companies. We are not required to meet any diversification standards, and our holdings
may continue to remain concentrated. In addition, we may seek to sell some or all of our existing businesses as part of our holding company
strategy.
If
our capital allocation strategy is not successful or we achieve less than expected returns from these holdings, it could have a material
adverse effect on us. The Board of Directors may also change our capital allocation strategy at any time, and such changes could further
increase our exposure, which could adversely impact us.
If
we are unable to maintain our brand and reputation, our business, results of operations and prospects could be materially harmed.
Our
business, results of operations and prospects depend, in part, on maintaining and strengthening our brand and reputation for providing
high quality products and services. Reputational value is based in large part on perceptions. Although reputations may take decades to
build, any negative incidents can quickly erode trust and confidence, particularly if they result in adverse publicity, governmental
investigations or litigation. If problems with our products cause operational disruption or other difficulties, or there are delays or
other issues with the delivery of our products or services, our brand and reputation could be diminished. Damage to our reputation could
also arise from actual or perceived legal violations, product safety issues, data security breaches, actual or perceived poor employee
relations, actual or perceived poor service, actual or perceived poor privacy practices, operational or sustainability issues, actual
or perceived ethical issues or other events within or outside of our control that generate negative publicity with respect to us. Any
event that has the potential to negatively impact our reputation could lead to lost sales, loss of new opportunities and retention and
recruiting difficulties. If we fail to promote and maintain our brand and reputation successfully, our business, results of operations
and prospects could be materially harmed.
Our
operating margins may decline as a result of increasing product costs.
Our
business is subject to pressure on pricing and costs caused by many factors, including supply chain disruption, intense competition,
the cost of components used in our products, labor costs, constrained sourcing capacity, inflationary pressure, pressure from customers
to reduce the prices we charge for our products and services, and changes in consumer demand. . Factors including global supply chain
disruptions have resulted in shortages in labor, materials and services. Such shortages have resulted in cost increases, particularly
for labor, and could continue to increase. Costs for the raw materials used to manufacture our products are affected by, among other
things, energy prices, demand, fluctuations in commodity prices and currency, shipping costs and other factors that are generally unpredictable
and beyond our control such as the escalating military conflict between Russia and Ukraine. Increases in the cost of raw materials used
to manufacture our products or in the cost of labor and other costs of doing business internationally could have an adverse effect on,
among other things, the cost of our products, gross margins, operating results, financial condition, and cash flows.
Our
sales cycle can be long and timing of orders and shipments unpredictable, particularly with respect to large enterprises, which could
harm our business and operating results.
The
timing of our sales is difficult to predict, and customers typically order screen and other distribution products with limited advance
notice which impacts our ability to forecast revenue and manage operations. For our managed service offerings, the sales cycle can be
long and involve educating and achieving buy-in from multiple parts of a customer organization. As a result, the length and variable
nature of customer ordering patterns and timing could materially adversely impact our business and results of operations.
We
are substantially dependent upon significant customers who could cease purchasing our products at any time.
The
Company’s top ten customers accounted for approximately 45% and 44% of consolidated products and services revenues during the three
and six months ended June 30, 2024, respectively. Trade accounts receivable from these customers represented approximately 61% of net
consolidated receivables at June 30, 2024. One of the Company’s customers accounted for more than 10% of both its consolidated
net revenues during the six months ended June 30, 2024 and its net consolidated receivables as of June 30, 2024. While the Company believes
its relationships with such customers are stable, most arrangements are made by purchase order and are terminable at will by either party.
A significant decrease or interruption in business from the Company’s significant customers could have a material adverse effect
on the Company’s business, financial condition and results of operations. The Company could also be adversely affected by such
factors as changes in foreign currency rates and weak economic and political conditions in each of the countries in which the Company
sells its products and offers its services.
Government
agencies in Canada have notified Strong/MDI that certain modifications are required to be made to the Joliette Plant in order to meet
safety and emissions standards.
Strong/MDI
has been informed by certain government agencies in Canada, including but not limited to, the Joliette Fire Department, and the Quebec
Ministry of the Environment, that certain aspects of the Joliette Plant must be modified to fully comply with safety and emissions standards.
Strong/MDI has implemented changes to address some, but not all, of the identified requirements.
The
required modifications include installing new air evaluator and exhaust chimneys as well as modifying the walls and doors in the paint
and coatings area to achieve a 2-hour fire resistance standard. In addition, it was required that we modify certain mezzanine areas to
reduce their size and upgrade construction to non-combustible materials, add an additional exterior access, and purchase spill resistant
pallets. If we fail to address the requirements, it could be possible that we could incur penalties or production could be interrupted.
The expansion could cost more or take longer than our expectations and could result in production disruptions in the facility during
the construction process.
Our
business is subject to the economic and political risks of selling products in foreign countries.
We
expect that international sales will continue to be important to our business for the foreseeable future. Foreign sales are subject to
general political and economic risks, including the adverse impact of changes to international trade and tariff policies, including in
the U.S. and China, which have created uncertainty regarding international trade, unanticipated or unfavorable circumstances arising
from host country laws or regulations, unfavorable changes in U.S. policies on international trade and investment, the imposition of
governmental economic sanctions on countries in which we do business, quotas, capital controls or other trade barriers, whether adopted
by individual governments or addressed by regional trade blocks, threats of war, terrorism or governmental instability, currency controls,
fluctuating exchange rates with respect to sales not denominated in U.S. dollars, changes in import/export regulations, tariffs and freight
rates, potential negative consequences from changes to taxation policies, restrictions on the transfer of funds into or out of a country
and the disruption of operations from labor, political and other disturbances, such as the impact of the coronavirus and other public
health epidemics or pandemics. Government policies on international trade and investment can affect the demand for our products, impact
the competitive position of our products or prevent us from being able to sell or manufacture products in certain countries. The implementation
of more restrictive trade policies, such as higher tariffs or new barriers to entry, in countries in which we sell large quantities of
products and services could negatively impact our business, financial condition and results of operations. For example, a government’s
adoption of “buy national” policies or retaliation by another government against such policies could have a negative impact
on our results of operations. If we were unable to navigate the foreign regulatory environment, or if we were unable to enforce our contractual
rights in foreign countries, our business could be adversely impacted. Any of these events could reduce our sales, limit the prices at
which we can sell our products, interrupt our supply chain or otherwise have an adverse effect on our operating performance.
To
the extent that orders are denominated in foreign currencies, our reported sales and earnings are subject to foreign exchange fluctuations.
In addition, there can be no assurance that our remaining international customers will continue to accept orders denominated in U.S.
dollars. For those sales which are denominated in U.S. dollars, a weakening in the value of foreign currencies relative to the U.S. dollar
could have a material adverse impact on us by increasing the effective price of our products in international markets. Certain areas
of the world are also more cost conscious than the U.S. market and there are instances where our products are priced higher than local
manufacturers. We are also exposed to foreign currency fluctuations between the Canadian and U.S. dollar due to our screen manufacturing
facility in Canada where a majority of its sales are denominated in the U.S. dollar while its expenses are denominated in Canadian currency.
We cannot predict the effects of exchange rate fluctuations upon our future operating results because of the number of currencies involved,
the variability of currency exposures and the potential volatility of currency exchange rates.
Any
of these factors could adversely affect our foreign activities and our business, financial condition and results of operations.
The
risk of non-compliance with U.S. and foreign laws and regulations applicable to our international operations could have a significant
impact on our financial condition, results of operations and strategic objectives.
Our
global operations subject us to regulation by U.S. federal and state laws and multiple foreign laws, regulations and policies, which
could result in conflicting legal requirements. These laws and regulations are complex, change frequently, have tended to become more
stringent over time and increase our cost of doing business. These laws and regulations include import and export control, environmental,
health and safety regulations, data privacy requirements, international labor laws and work councils and anti-corruption and bribery
laws such as the U.S. Foreign Corrupt Practices Act, the U.N. Convention Against Bribery and local laws prohibiting corrupt payments
to government officials. We are subject to the risk that we, our employees, our affiliated entities, contractors, agents or their respective
officers, directors, employees and agents may take action determined to be in violation of any of these laws. An actual or alleged violation
could result in substantial fines, sanctions, civil or criminal penalties, debarment from government contracts, curtailment of operations
in certain jurisdictions, competitive or reputational harm, litigation or regulatory action and other consequences that might adversely
affect our financial condition, results of operations and strategic objectives.
In
addition, we are subject to Canadian and foreign anti-corruption laws and regulations such as the Canadian Corruption of Foreign Public
Officials Act. In general, these laws prohibit a company and its employees and intermediaries from bribing or making other prohibited
payments to foreign officials or other persons to obtain or retain business or gain some other business advantage. We cannot predict
the nature, scope or effect of future regulatory requirements to which our operations might be subject or the manner in which existing
laws might be administered or interpreted. Failure by us or our predecessors to comply with the applicable legislation and other similar
foreign laws could expose us and our senior management to civil and/or criminal penalties, other sanctions and remedial measures, legal
expenses and reputational damage, all of which could materially and adversely affect our business, financial condition and results of
operations. Likewise, any investigation of any alleged violations of the applicable anti-corruption legislation by Canadian or foreign
authorities could also have an adverse impact on our business, financial condition and results of operations.
A
reversal of the U.S. economic recovery and a return to volatile or recessionary conditions in the United States or abroad could adversely
affect our business or our access to capital markets in a material manner.
Worsening
economic and market conditions, downside shocks, or a return to recessionary economic conditions could serve to reduce demand for our
products and adversely affect our operating results. These economic conditions may also impact the financial condition of one or more
of our key suppliers, which could affect our ability to secure product to meet our customers’ demand. In addition, a downturn in
the cinema market could impact the valuation and collectability of certain receivables held by us. Our results of operations and the
implementation of our business strategy could be adversely affected by general conditions in the global economy, including financial
and economic conditions that are outside of our control, including those resulting from supply chain delays or interruptions, labor shortages,
wage pressures, rising inflation, geopolitical events, or interruptions and other force majeure events, such as the COVID-19 pandemic.
The most recent global financial crisis caused by COVID-19 resulted in extreme volatility and disruptions in the capital and credit markets.
A severe or prolonged economic downturn could result in a variety of risks to our business and could have a material adverse effect on
us. We could also be adversely affected by such factors as changes in foreign currency rates and weak economic and political conditions
in each of the countries in which we sell our products.
Any
potential future acquisitions, strategic investments, entry into new lines of business, divestitures, mergers or joint ventures may subject
us to significant risks, any of which could harm our business.
Our
long-term strategy may include identifying and acquiring, investing in or merging with suitable candidates on acceptable terms, entry
into new lines of business and markets or divesting of certain business lines or activities. In particular, over time, we may acquire,
make investments in or merge with providers of product offerings that complement our business or may terminate such activities. Mergers,
acquisitions, divestitures and entries into new lines of business include a number of risks and present financial, managerial and operational
challenges, including but not limited to:
|
● |
diversion
of management attention from running our existing business; |
|
|
|
|
● |
possible
material weaknesses in internal control over financial reporting; |
|
|
|
|
● |
increased
expenses including legal, administrative and compensation expenses related to newly hired or terminated employees; |
|
|
|
|
● |
increased
costs to integrate, develop or, in the case of a divestiture, separate the technology, personnel, customer base and business practices
of the acquired, new or divested business or assets; |
|
|
|
|
● |
potential
exposure to material liabilities not discovered in the due diligence process; |
|
|
|
|
● |
potential
adverse effects on reported results of operations due to possible write-down of goodwill and other intangible assets associated with
acquisitions; |
|
|
|
|
● |
potential
damage to customer relationships or loss of synergies in the case of divestitures; and |
|
|
|
|
● |
unavailability
of acquisition financing or inability to obtain such financing on reasonable terms. |
Any
acquired business, technology, service or product, or entry into a new line of business could significantly under-perform relative to
our expectations, and may not achieve the benefits we expect. For all these reasons, our pursuit of an acquisition, investment, new line
of business, divestiture, merger or joint venture could cause our actual results to differ materially from those anticipated.
Failure
to effectively utilize or successfully assert intellectual property rights could negatively impact us.
We
own or otherwise have rights to various trademarks and trade names used in conjunction with the sale of our products, the most significant
of which is Strong®. We rely on trademark laws to protect these intellectual property rights. We cannot assure that these intellectual
property rights will be effectively utilized or, if necessary, successfully asserted. There is a risk that we will not be able to obtain
and perfect our own intellectual property rights, or, where appropriate, license from others, intellectual property rights necessary
to support new product introductions. Our intellectual property rights, and any additional rights we may obtain in the future, may be
invalidated, circumvented or challenged in the future. Our failure to perfect or successfully assert intellectual property rights could
harm our competitive position and could negatively impact us.
Natural
disasters and other catastrophic events beyond our control could adversely affect our business operations and financial performance.
The
occurrence of one or more natural disasters, such as fires, hurricanes, tornados, tsunamis, floods and earthquakes, geo-political events,
such as civil unrest in a country in which our suppliers are located or terrorist or military activities disrupting transportation, communication
or utility systems, or other highly disruptive events, such as nuclear accidents, public health epidemics or pandemics, such as the COVID-19
pandemic, unusual weather conditions or cyber-attacks, could adversely affect our operations and financial performance. In the event
of a major disruption caused by the occurrence of any of the aforementioned events, we may lose the services of our employees or experience
system interruptions, which could lead to diminishment of our business operations. Such events could result, among other things, in operational
disruptions, physical damage to or destruction or disruption of one or more of our properties or properties used by third parties in
connection with the supply of products or services to us, the lack of an adequate workforce in parts or all of our operations and communications
and transportation disruptions. We cannot anticipate all the ways in which the current global health crisis and financial market conditions
could adversely impact our business. These factors could also cause consumer confidence and spending to decrease or result in increased
volatility in the United States and global financial markets and economy. Such occurrences could have a material adverse effect on us
and could also have indirect consequences such as increases in the costs of insurance if they result in significant loss of property
or other insurable damage.
The
insurance that we maintain may not fully cover all potential exposures.
We
maintain property, business interruption and casualty insurance but such insurance may not cover all risks associated with the hazards
of our business and is subject to limitations, including deductibles and maximum liabilities covered. We are potentially at risk if one
or more of our insurance carriers fail. Additionally, severe disruptions in the domestic and global financial markets could adversely
impact the ratings and survival of some insurers. In the future, we may not be able to obtain coverage at current levels, and our premiums
may increase significantly on coverage that we maintain.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM
4. MINE SAFETY DISCLOSURES
Not
applicable.
ITEM
5. OTHER INFORMATION
None.
ITEM
6. EXHIBITS
Exhibit |
|
Description |
2.1†* |
|
Arrangement Agreement, including a Plan of Arrangement, by and between FG Holdings Quebec Inc., Strong Global Entertainment, Inc. and 1483530 B.C. LTD, dated May 31, 2024 (incorporated by reference to exhibit 2.1 to the Current Report on Form 8-K filed with the SEC on June 3, 2024). |
31.1** |
|
Certification of Principal Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act. |
31.2** |
|
Certification of Principal Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act. |
32.1*** |
|
Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
32.2*** |
|
Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101 |
|
The
following materials from Fundamental Global Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, formatted
in iXBRL (Inline eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets (unaudited); (ii) the Condensed
Consolidated Statements of Operations (unaudited); (iii) the Condensed Consolidated Statements of Comprehensive Loss (unaudited);
(iv) the Condensed Consolidated Statements of Stockholders’ Equity (unaudited); (v) the Condensed Consolidated Statements of
Cash Flows (unaudited); and (vi) the Notes to Condensed Consolidated Financial Statements (unaudited). |
104 |
|
XBRL
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
†
Exhibits and schedules to this Exhibit have been omitted pursuant to Regulation S-K Item 601(a)(5). The Registrant agrees to furnish
supplementally a copy of any omitted schedule or exhibit to the SEC upon request.
*
Certain terms have been omitted pursuant to Item 601(b)(2)(ii) of Regulation S-K. The Registrant hereby undertakes to furnish copies
of any of the terms upon request by the SEC.
**
Filed herewith.
***
Furnished herewith.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
|
FUNDAMENTAL GLOBAL INC. |
|
|
|
|
Date: |
August
14, 2024 |
By: |
/s/
D. Kyle Cerminara |
|
|
|
D.
Kyle Cerminara, Chief Executive Officer |
|
|
|
(principal
executive officer) |
|
|
|
|
Date: |
August
14, 2024 |
By: |
/s/
Mark D. Roberson |
|
|
|
Mark
D. Roberson, Chief Financial Officer |
|
|
|
(principal
financial and accounting officer) |
EXHIBIT 31.1
Certification of Principal Executive Officer pursuant
to Section 302 of the Sarbanes-Oxley Act of 2002
I, D. Kyle Cerminara, certify that:
1. |
I have reviewed this quarterly report on Form 10-Q for the quarterly period ended June 30, 2024 of Fundamental Global Inc.; |
|
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
|
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
|
4. |
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a. |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b. |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c. |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
|
|
d. |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
|
a. |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
|
|
|
b. |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: August 14, 2024 |
|
|
|
By: |
/s/ D. Kyle Cerminara |
|
|
D. Kyle Cerminara, Chief Executive Officer |
|
|
(Principal Executive Officer) |
|
EXHIBIT 31.2
Certification of Principal Financial Officer pursuant
to Section 302 of the Sarbanes-Oxley Act of 2002
I, Mark D. Roberson, certify that:
1. |
I have reviewed this quarterly report on Form 10-Q for the quarterly period ended June 30, 2024 of Fundamental Global Inc.; |
|
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
|
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
|
4. |
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a. |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b. |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c. |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
|
|
d. |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
|
a. |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
|
|
|
b. |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: August 14, 2024 |
|
|
|
By: |
/s/ Mark D. Roberson |
|
|
Mark D. Roberson, Chief Financial Officer |
|
|
(Principal Financial Officer and Principal Accounting Officer) |
|
EXHIBIT 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q
(the “Report”) of Fundamental Global Inc. (the “Company”) for the quarterly period ended June 30, 2024, as filed
with the Securities and Exchange Commission on the date hereof, I, D. Kyle Cerminara, the Principal Executive Officer of the Company,
hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the
best of my knowledge and belief:
|
(1) |
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
|
(2) |
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: August 14, 2024 |
|
|
|
By: |
/s/ D. Kyle Cerminara |
|
|
D. Kyle Cerminara, Chief Executive Officer |
|
|
(Principal Executive Officer) |
|
EXHIBIT 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q
(the “Report”) of Fundamental Global Inc. (the “Company”) for the quarterly period ended June 30, 2024, as filed
with the Securities and Exchange Commission on the date hereof, I, Mark D. Roberson, the Chief Financial Officer and Principal Financial
Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002, that, to the best of my knowledge and belief:
|
(1) |
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
|
(2) |
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: August 14, 2024 |
|
|
|
By: |
/s/ Mark D. Roberson |
|
|
Mark D. Roberson, Chief Financial Officer |
|
|
(Principal Financial Officer and Principal
Accounting Officer) |
|
v3.24.2.u1
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2024 |
Aug. 09, 2024 |
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|
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|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-36366
|
|
Entity Registrant Name |
Fundamental
Global Inc.
|
|
Entity Central Index Key |
0001591890
|
|
Entity Tax Identification Number |
46-1119100
|
|
Entity Incorporation, State or Country Code |
NV
|
|
Entity Address, Address Line One |
108
Gateway Blvd
|
|
Entity Address, Address Line Two |
Suite 204
|
|
Entity Address, City or Town |
Mooresville
|
|
Entity Address, State or Province |
NC
|
|
Entity Address, Postal Zip Code |
28117
|
|
City Area Code |
(704)
|
|
Local Phone Number |
994-8279
|
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Entity Current Reporting Status |
Yes
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28,566,164
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Title of 12(b) Security |
Common Stock, $0.001 par
value per share
|
|
Trading Symbol |
FGF
|
|
Security Exchange Name |
NASDAQ
|
|
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Title of 12(b) Security |
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v3.24.2.u1
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
ASSETS |
|
|
Cash and cash equivalents |
$ 5,850
|
$ 5,995
|
Accounts receivable (net of credit allowances of $53 and $40, respectively) |
4,243
|
3,529
|
Inventories, net |
2,548
|
1,482
|
Equity securities, at fair value (cost basis of $9,106 and $8,679, respectively) |
5,063
|
10,552
|
Investments |
38,491
|
17,469
|
Property, plant and equipment, net |
3,118
|
11,115
|
Operating lease right-of-use assets |
295
|
371
|
Finance lease right-of-use assets |
1,071
|
1,258
|
Deferred policy acquisition costs |
1,637
|
|
Reinsurance balances receivable (net of current expected losses allowance of $121 and $0, respectively) |
18,139
|
|
Funds deposited with reinsured companies |
8,055
|
|
Assets of discontinued operations |
8,396
|
9,886
|
Other assets |
1,498
|
486
|
Total assets |
98,404
|
62,143
|
LIABILITIES |
|
|
Accounts payable and accrued expenses |
6,832
|
4,834
|
Deferred revenue and customer deposits |
1,157
|
867
|
Loss and loss adjustment expense reserves |
9,742
|
|
Unearned premium reserves |
7,781
|
|
Operating lease liabilities |
338
|
421
|
Finance lease liabilities |
1,100
|
1,283
|
Short-term debt |
2,614
|
2,294
|
Long-term debt, net of debt issuance costs |
437
|
5,461
|
Deferred income taxes |
2,735
|
3,075
|
Liabilities of discontinued operations |
5,142
|
6,799
|
Other liabilities |
90
|
102
|
Total liabilities |
37,968
|
25,136
|
Commitments and contingencies (Note 14) |
|
|
SHAREHOLDERS’ EQUITY |
|
|
Series A Preferred Shares, $25.00 par and liquidation value, 1,000,000 shares authorized; 894,580 shares issued and outstanding as of June 30, 2024 |
22,365
|
|
Common stock, $0.001 par value; 100,000,000 shares authorized; 28,519,290 and 22,502,656 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively |
29
|
225
|
Additional paid-in capital |
50,004
|
55,856
|
(Accumulated deficit) retained earnings |
(8,390)
|
2,336
|
Treasury stock, 2,794,472 shares at cost as of December 31, 2023 |
|
(18,586)
|
Accumulated other comprehensive loss |
(5,268)
|
(4,682)
|
Total Fundamental Global stockholders’ equity |
58,740
|
35,149
|
Equity attributable to non-controlling interest |
1,696
|
1,858
|
Total stockholders’ equity |
60,436
|
37,007
|
Total liabilities and stockholders’ equity |
$ 98,404
|
$ 62,143
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v3.24.2.u1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Accounts receivable, net of credit allowance |
$ 53
|
$ 40
|
Equity securities, cost basis |
9,106
|
8,679
|
Reinsurance losses allowance |
$ 121
|
$ 0
|
Series A preferred stock, par value |
$ 25.00
|
$ 25.00
|
Series A preferred stock, shares authorized |
1,000,000
|
1,000,000
|
Series A preferred stock, shares issued |
894,580
|
894,580
|
Series A preferred stock, shares outstanding |
894,580
|
894,580
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
100,000,000
|
100,000,000
|
Common stock, shares issued |
28,519,290
|
22,502,656
|
Common stock, shares outstanding |
28,519,290
|
22,502,656
|
Treasury stock, shares at cost |
|
2,794,472
|
X |
- DefinitionAmount of allowance for credit loss on accounts receivable.
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v3.24.2.u1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Revenue: |
|
|
|
|
Net premiums earned |
$ 3,697
|
|
$ 4,472
|
|
Net investment loss |
(4,011)
|
(3,690)
|
(7,411)
|
(7,232)
|
Net product sales |
4,782
|
3,794
|
9,417
|
7,564
|
Net services revenue |
3,406
|
3,232
|
6,651
|
6,137
|
Total revenue |
7,874
|
3,336
|
13,129
|
6,469
|
Expenses: |
|
|
|
|
Net losses and loss adjustment expenses |
2,094
|
|
2,460
|
|
Amortization of deferred policy acquisition costs |
872
|
|
1,156
|
|
Costs of products |
3,973
|
3,542
|
7,874
|
6,875
|
Costs of services |
2,514
|
2,285
|
4,880
|
4,451
|
Selling expense |
370
|
161
|
658
|
398
|
General and administrative expenses |
4,104
|
3,559
|
7,493
|
5,693
|
(Gain) loss on impairment and disposal of assets |
|
(5)
|
1,475
|
(5)
|
Total expenses |
13,927
|
9,542
|
25,996
|
17,412
|
Loss from operations |
(6,053)
|
(6,206)
|
(12,867)
|
(10,943)
|
Other income (expense): |
|
|
|
|
Interest expense, net |
(91)
|
(93)
|
(233)
|
(162)
|
Foreign currency transaction loss |
(5)
|
|
(6)
|
(2)
|
Bargain purchase on acquisition and other income, net |
|
1
|
1,858
|
24
|
Total other (expense) income, net |
(96)
|
(92)
|
1,619
|
(140)
|
Loss from continuing operations before income taxes |
(6,149)
|
(6,298)
|
(11,248)
|
(11,083)
|
Income tax (expense) benefit |
74
|
14
|
91
|
7
|
Net loss from continuing operations |
(6,075)
|
(6,284)
|
(11,157)
|
(11,076)
|
Net income from discontinued operations (Note 4) |
150
|
893
|
785
|
1,694
|
Net loss |
(5,925)
|
(5,391)
|
(10,372)
|
(9,382)
|
Net loss attributable to non-controlling interest |
(143)
|
(118)
|
(160)
|
(118)
|
Dividends declared on Series A Preferred Shares |
(447)
|
|
(516)
|
|
Loss attributable to common shareholders |
$ (6,229)
|
$ (5,273)
|
$ (10,728)
|
$ (9,264)
|
Basic and diluted net (loss) income per common share: |
|
|
|
|
Continuing operations - basic |
$ (0.22)
|
$ (0.63)
|
$ (0.51)
|
$ (1.15)
|
Continuing operations - diluted |
(0.22)
|
(0.63)
|
(0.51)
|
(1.15)
|
Discontinued operations - basic |
0.00
|
0.09
|
0.04
|
0.18
|
Discontinued operations - diluted |
0.00
|
0.09
|
0.04
|
0.18
|
Total - basic |
(0.22)
|
(0.54)
|
(0.47)
|
(0.97)
|
Total - diluted |
$ (0.22)
|
$ (0.54)
|
$ (0.47)
|
$ (0.97)
|
Weighted average common shares outstanding: |
|
|
|
|
Weighted average common shares outstanding - basic |
28,518
|
9,705
|
22,651
|
9,564
|
Weighted average common shares outstanding - diluted |
28,518
|
9,705
|
22,651
|
9,564
|
X |
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v3.24.2.u1
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Income Statement [Abstract] |
|
|
|
|
Net loss |
$ (5,925)
|
$ (5,391)
|
$ (10,372)
|
$ (9,382)
|
Adjustment to postretirement benefit obligation |
(7)
|
(4)
|
(7)
|
(9)
|
Currency translation adjustment: |
|
|
|
|
Unrealized net change arising during period |
(166)
|
558
|
(659)
|
486
|
Total other comprehensive (loss) income |
(173)
|
554
|
(666)
|
477
|
Comprehensive loss |
$ (6,098)
|
$ (4,837)
|
$ (11,038)
|
$ (8,905)
|
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v3.24.2.u1
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands |
Preferred Stock [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Treasury Stock, Common [Member] |
AOCI Attributable to Parent [Member] |
Parent [Member] |
Noncontrolling Interest [Member] |
Total |
Balance at Dec. 31, 2022 |
|
$ 223
|
$ 53,882
|
$ 16,437
|
$ (18,586)
|
$ (5,258)
|
$ 46,698
|
|
$ 46,698
|
Balance, shares at Dec. 31, 2022 |
|
22,264
|
|
|
|
|
|
|
|
Net loss |
|
|
|
(3,989)
|
|
|
(3,989)
|
|
(3,989)
|
Net other comprehensive loss |
|
|
|
|
|
(77)
|
(77)
|
|
(77)
|
Stock-based compensation |
|
|
127
|
|
|
|
127
|
|
127
|
Cumulative effect of adoption of accounting principle |
|
|
|
(24)
|
|
|
(24)
|
|
(24)
|
Balance at Mar. 31, 2023 |
|
$ 223
|
54,009
|
12,424
|
(18,586)
|
(5,335)
|
42,735
|
|
42,735
|
Balance, shares at Mar. 31, 2023 |
|
22,264
|
|
|
|
|
|
|
|
Balance at Dec. 31, 2022 |
|
$ 223
|
53,882
|
16,437
|
(18,586)
|
(5,258)
|
46,698
|
|
46,698
|
Balance, shares at Dec. 31, 2022 |
|
22,264
|
|
|
|
|
|
|
|
Net loss |
|
|
|
|
|
|
|
|
(9,382)
|
Net other comprehensive loss |
|
|
|
|
|
|
|
|
477
|
Balance at Jun. 30, 2023 |
|
$ 223
|
55,051
|
7,151
|
(18,586)
|
(4,769)
|
39,070
|
1,242
|
40,312
|
Balance, shares at Jun. 30, 2023 |
|
22,264
|
|
|
|
|
|
|
|
Balance at Mar. 31, 2023 |
|
$ 223
|
54,009
|
12,424
|
(18,586)
|
(5,335)
|
42,735
|
|
42,735
|
Balance, shares at Mar. 31, 2023 |
|
22,264
|
|
|
|
|
|
|
|
Non-controlling interest allocation |
|
|
(1,147)
|
|
|
|
(1,147)
|
1,147
|
|
Net loss |
|
|
|
(5,273)
|
|
|
(5,273)
|
(118)
|
(5,391)
|
Net other comprehensive loss |
|
|
|
|
|
566
|
566
|
(12)
|
554
|
Stock-based compensation |
|
|
910
|
|
|
|
910
|
|
910
|
IPO of Strong Global Entertainment, Inc. and issuance of Landmark warrant, net of costs |
|
|
1,383
|
|
|
|
1,383
|
225
|
1,608
|
Payments of withholding taxes for net share settlement of equity awards |
|
|
(104)
|
|
|
|
(104)
|
|
(104)
|
Balance at Jun. 30, 2023 |
|
$ 223
|
55,051
|
7,151
|
(18,586)
|
(4,769)
|
39,070
|
1,242
|
40,312
|
Balance, shares at Jun. 30, 2023 |
|
22,264
|
|
|
|
|
|
|
|
Balance at Dec. 31, 2023 |
|
$ 225
|
55,856
|
2,336
|
(18,586)
|
(4,682)
|
35,149
|
1,858
|
37,007
|
Balance, shares at Dec. 31, 2023 |
|
22,503
|
|
|
|
|
|
|
|
Retirement of treasury stock |
|
|
(18,586)
|
|
18,586
|
|
|
|
|
Retirement of treasury stock, shares |
|
(2,794)
|
|
|
|
|
|
|
|
Exchange of FGH common stock |
|
$ (225)
|
225
|
|
|
|
|
|
|
Exchange of FGH common stock, shares |
|
(19,709)
|
|
|
|
|
|
|
|
FGF preferred and common stock outstanding at merger date |
$ 22,365
|
$ 11
|
15,576
|
|
|
|
37,952
|
|
37,952
|
FGF preferred and common stock outstanding at merger date, shares |
895
|
|
|
|
|
|
|
|
|
Retirement of FGF common stock held by FGH prior to merger |
|
$ (3)
|
(3,692)
|
|
|
|
(3,695)
|
|
(3,695)
|
Retirement of FGF common stock held by FGH prior to merger, shares |
|
(2,755)
|
|
|
|
|
|
|
|
Issuance of common stock in connection with merger |
|
$ 20
|
|
|
|
|
20
|
|
20
|
Issuance of common stock in connection with merger, shares |
|
19,675
|
|
|
|
|
|
|
|
Non-controlling interest allocation |
|
|
(17)
|
|
|
|
(17)
|
17
|
|
Dividends on Series A Preferred Shares ($0.50 per share) |
|
|
|
(69)
|
|
|
(69)
|
|
(69)
|
Net loss |
|
|
|
(4,428)
|
|
|
(4,428)
|
(17)
|
(4,445)
|
Net other comprehensive loss |
|
|
|
|
|
(437)
|
(437)
|
(56)
|
(493)
|
Stock-based compensation |
|
|
327
|
|
|
|
327
|
|
327
|
Balance at Mar. 31, 2024 |
$ 22,365
|
$ 28
|
49,689
|
(2,161)
|
|
(5,119)
|
64,802
|
1,802
|
66,604
|
Balance, shares at Mar. 31, 2024 |
895
|
28,369
|
|
|
|
|
|
|
|
Balance at Dec. 31, 2023 |
|
$ 225
|
55,856
|
2,336
|
(18,586)
|
(4,682)
|
35,149
|
1,858
|
37,007
|
Balance, shares at Dec. 31, 2023 |
|
22,503
|
|
|
|
|
|
|
|
FGF preferred and common stock outstanding at merger date, shares |
|
11,449
|
|
|
|
|
|
|
|
Net loss |
|
|
|
|
|
|
|
|
(10,372)
|
Net other comprehensive loss |
|
|
|
|
|
|
|
|
(666)
|
Balance at Jun. 30, 2024 |
$ 22,365
|
$ 29
|
50,004
|
(8,390)
|
|
(5,268)
|
58,740
|
1,696
|
60,436
|
Balance, shares at Jun. 30, 2024 |
895
|
28,519
|
|
|
|
|
|
|
|
Balance at Mar. 31, 2024 |
$ 22,365
|
$ 28
|
49,689
|
(2,161)
|
|
(5,119)
|
64,802
|
1,802
|
66,604
|
Balance, shares at Mar. 31, 2024 |
895
|
28,369
|
|
|
|
|
|
|
|
Non-controlling interest allocation |
|
|
(61)
|
|
|
|
(61)
|
61
|
|
Dividends on Series A Preferred Shares ($0.50 per share) |
|
|
|
(447)
|
|
|
(447)
|
|
(447)
|
Net loss |
|
|
|
(5,782)
|
|
|
(5,782)
|
(143)
|
(5,925)
|
Net other comprehensive loss |
|
|
|
|
|
(149)
|
(149)
|
(24)
|
(173)
|
Stock-based compensation |
|
|
398
|
|
|
|
398
|
|
398
|
Vesting of restricted stock |
|
$ 1
|
(22)
|
|
|
|
(21)
|
|
(21)
|
Vesting of restricted stock ,shares |
|
150
|
|
|
|
|
|
|
|
Balance at Jun. 30, 2024 |
$ 22,365
|
$ 29
|
$ 50,004
|
$ (8,390)
|
|
$ (5,268)
|
$ 58,740
|
$ 1,696
|
$ 60,436
|
Balance, shares at Jun. 30, 2024 |
895
|
28,519
|
|
|
|
|
|
|
|
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Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Cash flows from operating activities: |
|
|
Net loss from continuing operations |
$ (11,157)
|
$ (11,076)
|
Adjustments to reconcile net loss to net cash used by operating activities: |
|
|
Net unrealized holding loss on equity investments |
6,377
|
4,538
|
Loss from equity method investments |
1,806
|
2,694
|
Gain on acquisition of ICS assets |
|
|
Net realized (gain) loss on sale of equity investments |
(118)
|
|
Provision for (recovery of) doubtful accounts |
30
|
(26)
|
Benefit from (provision for) obsolete inventory |
(38)
|
30
|
Provision for warranty |
3
|
6
|
Depreciation and amortization |
454
|
344
|
Amortization and accretion of operating leases |
168
|
59
|
Impairment of property and equipment |
1,405
|
|
Gain on merger of FGF and FGF (Note 3) |
(1,831)
|
|
Deferred income taxes |
(16)
|
(57)
|
Stock compensation expense |
725
|
1,037
|
Changes in operating assets and liabilities: |
|
|
Reinsurance balances receivable |
967
|
|
Deferred policy acquisition costs |
127
|
|
Other assets |
634
|
287
|
Loss and loss adjustment expense reserves |
707
|
|
Unearned premium reserves |
(2,964)
|
|
Accounts receivable |
(386)
|
(57)
|
Inventories |
(1,027)
|
395
|
Current income taxes |
(458)
|
(16)
|
Accounts payable and accrued expenses |
1,251
|
2,210
|
Deferred revenue and customer deposits |
286
|
(584)
|
Operating lease obligations |
(123)
|
(65)
|
Net cash used by operating activities from continuing operations |
(3,178)
|
(281)
|
Net cash used by operating activities from discontinued operations |
(572)
|
(2,305)
|
Net cash used by operating activities |
(3,750)
|
(2,586)
|
Cash flows from investing activities: |
|
|
Capital expenditures |
(20)
|
(121)
|
Proceeds from sales of equity securities |
1,154
|
198
|
Proceeds from sales of property and equipment |
1,289
|
|
Cash acquired in Merger of FGF and FGH |
1,903
|
|
Net cash provided by investing activities from continuing operations |
4,326
|
77
|
Net cash used in investing activities from discontinued operations |
(59)
|
(283)
|
Net cash provided by (used in) investing activities |
4,267
|
(206)
|
Cash flows from financing activities: |
|
|
Payment of dividends on preferred shares |
(894)
|
|
Principal payments on short-term debt |
(97)
|
(132)
|
Payment payments on long-term debt |
(185)
|
(101)
|
Proceeds from Strong Global Entertainment initial public offering |
|
2,411
|
Payments of withholding taxes for net share settlement of equity awards |
|
(104)
|
Payments on finance lease obligations |
(120)
|
(66)
|
Net cash (used in) provided by financing activities from continuing operations |
(1,296)
|
2,008
|
Net cash provided by financing activities from discontinued operations |
477
|
1,930
|
Net cash (used in) provided by financing activities |
(819)
|
3,938
|
Effect of exchange rate changes on cash and cash equivalents from continuing operations |
3
|
(3)
|
Effect of exchange rate changes on cash and cash equivalents from discontinued operations |
(11)
|
34
|
Net (decrease) increase in cash and cash equivalents from continuing operations |
(145)
|
1,801
|
Net decrease in cash and cash equivalents from discontinued operations |
(165)
|
(624)
|
Net (decrease) increase in cash and cash equivalents |
(310)
|
1,177
|
Cash and cash equivalents from continuing operations at beginning of period |
5,995
|
3,063
|
Cash and cash equivalents from continuing operations at end of period |
$ 5,850
|
$ 4,864
|
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v3.24.2.u1
Nature of Business
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Nature of Business |
Note
1. Nature of Business
Fundamental
Global Inc. (“Fundamental Global”, the “Company”, “we”, or “us”), formerly known as FG
Financial Group, Inc. (“FGF”), is engaged reinsurance, asset management/merchant
banking, manufacturing and managed services.
On
February 29, FGF and FG Group Holdings, Inc. (“FGH”) closed the plan of merger to combine the companies in
an all-stock transaction (the “Merger”). In connection with the Merger, FGH common stockholders received one share of FGF
common stock for each share of common stock of FGH held by such stockholder. Upon completion of the Merger, the
combined company was renamed to Fundamental Global and the common stock and Series A cumulative preferred stock of the combined
company continue to trade on the Nasdaq under the tickers “FGF” and “FGFPP,” respectively. See Note 3
for additional details.
On
May 3, 2024, Strong Global Entertainment, Inc. (“Strong Global Entertainment”) entered into an acquisition agreement (the
“Acquisition Agreement”) with FG Acquisition Corp., a special purpose acquisition company (“FGAC”), Strong/MDI,
FGAC Investors LLC, and CG Investments VII Inc. (together with FGAC Investors LLC, the “Sponsors”), pursuant to which FGAC
intends to acquire, directly or indirectly, all of the outstanding shares in the capital of one of its wholly-owned subsidiary, Strong/MDI
Screen Systems, Inc. (“Strong/MDI”). As a result of the acquisition, Strong/MDI will become a wholly-owned subsidiary of
FGAC. See Note 4 for additional details.
On
May 30, 2024, the Company and Strong Global Entertainment entered into a definitive arrangement agreement and plan of arrangement to
combine the companies in an all-stock transaction (the “Arrangement”). Upon completion of the arrangement, the stockholders of Strong Global
Entertainment will receive 1.5 common shares of the Company for each share of Strong Global Entertainment. The transaction is
expected to close in the third quarter of 2024, subject to customary closing conditions, including any necessary stockholder
approval. Following the closing, Strong Global Entertainment will cease to exist, and its Common Shares will be delisted from NYSE
American and deregistered under the Exchange Act.
As
of June 30, 2024, Fundamental Global GP, LLC (“FG”) and its affiliated entities collectively beneficially owned approximately
28.2% of our common stock. D. Kyle Cerminara, our Chief Executive Officer and the Chairman of our Board of Directors, serves as Chief
Executive Officer, Co-Founder and Partner of FG.
Business
Segments
The
Company conducts business through its three reportable segments including reinsurance, asset management, which includes merchant banking
services, and Strong Global Entertainment which includes manufacturing and managed services to cinemas and entertainment venues. The
operating segments are determined based on the business activities, and reflect the manner in which financial information is currently
evaluated by management.
Reinsurance
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.
As
of June 30, 2024, the Company had eight active reinsurance contracts, including participating in a Funds at Lloyds (“FAL”)
syndicate covering risks written by the syndicate during the 2021, 2022 and 2023 calendar years.
Asset
Management
In December 2020, the Company formed FG Management Solutions LLC (“FGMS”), formerly known as FG SPAC Solutions, LLC, a Delaware
company, to facilitate the launch of the Company’s “SPAC Platform.” Under the SPAC Platform, the Company provides 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.
In
the third quarter of 2022, the Company announced the expansion of its growth strategy through the formation of a merchant banking
division, which has facilitated the launch of several merchant banking projects, including FG Communities, Inc. (“FGC”), a
self-managed real estate company focused on a growing portfolio of manufactured housing communities which are owned and operated by
FGC, and Craveworthy LLC (“Craveworthy”), an innovative fast casual restaurant platform company.
Strong
Global Entertainment
Strong
Global Entertainment is a leader in the entertainment industry providing mission critical products and services to cinema exhibitors
and entertainment venues for over 90 years. The Company is a holding company and conducts business through its wholly-owned operating
subsidiaries: Strong/MDI Screen Systems, Inc. (“Strong/MDI”) is a leading premium screen and projection coatings supplier
in the world, and Strong Technical Services, Inc. (“STS”) provides comprehensive managed service offerings with 24/7/365
support nationwide to ensure solution uptime and availability.
On
May 15, 2023, Strong Global Entertainment completed an initial public offering (“IPO”) of its Class A Voting Common Shares
without par value (“Common Shares”). The IPO closed on May 18, 2023 and Strong Global Entertainment completed its separation
from Fundamental Global, formerly FG Group Holdings, Inc. Following this transaction, Strong Global Entertainment became a separate publicly
listed company, and FG Group Holdings holds approximately 76% of the Class A common shares and 100% of the Class B common shares as of
June 30, 2024. As the Company continues to be the majority shareholder of Strong Global Entertainment, the financial results of Strong
Global Entertainment are presented on a consolidated basis in the Company’s condensed consolidated financial statements. The Company
reports the noncontrolling interest in Strong Global Entertainment as a component of equity separate from the Company’s equity.
The Company’s net loss excludes the net loss attributable to the noncontrolling interest. Strong Global Entertainment’s Common
Shares are listed on the NYSE American under the ticker symbol “SGE.” See information regarding the Arrangement above, pursuant to which the Company intends to acquire Strong Global Entertainment.
Other
The
Company owned and operated its Digital Ignition technology incubator and co-working facility in Alpharetta, Georgia. During the first
quarter of 2024, the Company’s board authorized the sale of Digital Ignition and on April 16, 2024, the Company completed the sale
of the Digital Ignition building and wholly owned subsidiary for proceeds of $6.5 million. In April 2024, the Company received approximately
$1.3 million in cash, after payment of closing costs and repayment of debt at closing. In connection with the sale of the land and building,
the Company recorded a non-cash impairment charge of approximately $1.4 million during the first quarter of 2024 to adjust the carrying
value of the assets to the fair market value less costs to sell.
|
X |
- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
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v3.24.2.u1
Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Significant Accounting Policies |
Note
2. Significant Accounting Policies
Basis
of Presentation
The
condensed consolidated financial statements include the accounts of the Company and all majority-owned and controlled domestic and foreign
subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Unless the context indicates
otherwise, references to the “Company” include the Company and its majority-owned and controlled domestic and foreign subsidiaries.
The
condensed consolidated financial statements included in this report are presented in accordance with the requirements of Form 10-Q and
consequently do not include all of the disclosures normally required by accounting principles generally accepted in the United States
of America (also referred to as “GAAP”) for annual reporting purposes or those made in the Company’s Annual Report
on Form 10-K. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements
and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
As
a result of the reverse merger of FGF and FGH (see Note 3), the condensed consolidated financial statements for the periods prior to
the merger represent the results of FGH, as the accounting acquirer. For periods subsequent to the merger, the condensed
consolidated financial statements represent the combined results of FGH and FGF. In addition, the current and historical
financial results of Strong Studios and Strong/MDI, Inc are presented as discontinued operations and are excluded from results from
continuing operations in the accompanying condensed consolidated financial statements.
The
condensed consolidated balance sheet as of December 31, 2023, was derived from the Company’s audited consolidated balance sheet
as of that date. All other condensed consolidated financial statements contained herein are unaudited and, in the opinion of management,
reflect all adjustments of a normal recurring nature necessary to present a fair statement of the financial position and the results
of operations and cash flows for the respective interim periods. Certain prior period balances have been reclassified to conform to current
period presentation. The results for interim periods are not necessarily indicative of trends or results expected for a full year.
See
Note 3 for additional information regarding the Merger of FGF and FGH and the resulting accounting for the reverse acquisition.
Unless
otherwise indicated, all references to “dollars” and “$” in this Quarterly Report on Form 10-Q are to, and amounts
are presented in, U.S. dollars
Use
of Management Estimates
The
preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results and changes in facts and circumstances
may alter such estimates and affect results of operations and financial position in future periods. 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.
Consolidation
Policies
The
accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany
balances and transactions have been eliminated upon consolidation.
The
consolidated financial statements include the accounts of the Company and entities in which it is required to consolidate under either
the Variable Interest Entity (“VIE”) or Voting Interest Entity (“VOE”) models. Both models require the reporting
entity to identify whether it has a controlling financial interest in a legal entity and is therefore required to consolidate the legal
entity. Under the VOE model, a reporting entity with ownership of a majority of the voting interest of a legal entity is generally considered
to have a controlling financial interest. The VIE model was established for situations in which control may be demonstrated other than
by the possession of voting rights in a legal entity and instead focuses on the power to direct the activities that most significantly
impact the legal entity’s economic performance, as well as the rights to receive benefits and obligations to absorb losses that
could potentially be significant to the legal entity.
The
determination of whether a legal entity is consolidated under either model is reassessed where there is a substantive change in the
governing documents or contractual arrangements of the entity, to the capital structure of the entity or in the activities of the
entity. Management continuously reassesses whether it should consolidate under either model.
The
Company’s risk of loss associated with its non-consolidated VIEs is limited. As of June 30, 2024 the carrying value and maximum
loss exposure of the Company’s non-consolidated VIE’s was $16.4
million.
See
Note 5 for further information regarding the Company’s investments.
Investments
in Equity Securities and Other Investments
Investments
in equity securities other than those accounted for using the equity method and those without readily determinable fair value, are
carried at fair value with subsequent changes in fair value recorded to the condensed consolidated statements of operations as a
component of net investment income.
Other
investments consist, in part, of equity investments made in privately held companies accounted for under the equity method. We utilize
the equity method to account for investments when we possess the ability to exercise significant influence, but not control, over the
operating and financial policies of the investee. The ability to exercise significant influence is presumed when the investor possesses
more than 20% of the voting interests of the investee. This presumption may be overcome based on specific facts and circumstances that
demonstrate that the ability to exercise significant influence is restricted. We apply the equity method to investments in common stock
and to other investments when such other investments possess substantially identical subordinated interests to common stock.
In
applying the equity method, we record the investment at cost and subsequently increase or decrease the carrying amount of the investment
by our proportionate share of the net earnings or losses and other comprehensive income of the investee. We record dividends or other
equity distributions as reductions in the carrying value of the investment. Should net losses of the investee reduce the carrying amount
of the investment to zero, additional net losses may be recorded if other investments in the investee are at-risk, even if we have not
committed to provide financial support to the investee. Such additional equity method losses, if any, are based upon the change in our
claim on the investee’s book value.
When
we receive distributions from our equity method investments, we utilize the cumulative earnings approach. When classifying the related
cash flows under this approach, the Company compares the cumulative distributions received, less distributions received in prior periods,
with the Company’s cumulative equity in earnings. Cumulative distributions that do not exceed cumulative equity in earnings represent
returns on investment and are classified as cash inflows from operating activities. Cumulative distributions in excess of cumulative
equity in earnings represent returns on investment and are classified as cash inflows from investing activities.
In
addition to investments accounted for under the equity method of accounting, other investments also consist of equity we have purchased
in a limited partnership, a limited liability company, and a corporation for which there does not exist a readily determinable fair value.
The Company accounts for these investments at their cost, minus impairment, if any, plus or minus changes resulting from observable price
changes in orderly transactions for identical or similar investments by the same issuer. When the Company observes an orderly transaction
of an investee’s identical or similar equity securities, the Company adjusts the carrying value based on the observable price as
of the transaction date. Once the Company records such an adjustment, the investment is considered an asset measured at fair value on
a nonrecurring basis. Any profit distributions the Company receives on these investments are included in net investment income.
See
Note 5 for additional information regarding the Company’s investments.
Cash
and Cash Equivalents
Cash
and cash equivalents include cash and short-term, highly liquid financial instruments with original maturities of 90 days or less.
Pursuant
to the Company’s insurance license, the Authority has required that FGRe hold a minimum capital requirement of $200,000 in cash
in a bank in the Cayman Islands which holds an “A” license issued under the Banks and Trust Companies Act (2020 Revision).
Income
Taxes
The
Company follows the asset and liability method of accounting for income taxes, whereby deferred income tax assets and liabilities are
recognized for (i) the differences between the financial statement carrying amount of existing assets and liabilities and their respective
tax bases and (ii) loss and tax credit carry-forwards. Deferred income tax assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect
on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment.
Future tax benefits are recognized to the extent that realization of such benefits is more likely than not and a valuation allowance
is established for any portion of a deferred tax asset that management believes will not be realized. Current federal income taxes are
charged or credited to operations based upon amounts estimated to be payable or recoverable as a result of taxable operations for the
current year. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense (benefit).
Concentration
of Credit Risk
Financial
instruments which potentially expose the Company to concentrations of credit risk include investments, cash, accounts receivable 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 $250,000. As of June 30, 2024, 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. The Company sells its products to a large number of customers in many different geographic
regions. To minimize credit risk related to accounts receivable, the Company performs ongoing credit evaluations of its customers’
financial condition.
The
Company’s top ten customers accounted for approximately 45% and 44% of consolidated products and services revenues during the three
and six months ended June 30, 2024, respectively. Trade accounts receivable from these customers represented approximately 61% of net
consolidated receivables at June 30, 2024. One of the Company’s customers accounted for more than 10% of both its consolidated
net revenues during the six months ended June 30, 2024 and its net consolidated receivables as of June 30, 2024. While Management believes
its relationships with such customers are stable, most arrangements are made by purchase order and are terminable at will by either party.
A significant decrease or interruption in business from the Company’s significant customers could have a material adverse effect
on the Company’s business, financial condition and results of operations. The Company could also be adversely affected by such
factors as changes in foreign currency rates and weak economic and political conditions in each of the countries in which the Company
sells its products and offers its services.
Revenue
Recognition for Products and Services
The
Company accounts for revenue using the following steps:
|
● |
Identify
the contract, or contracts, with a customer; |
|
● |
Identify
the performance obligations in the contract; |
|
● |
Determine
the transaction price; |
|
● |
Allocate
the transaction price to the identified performance obligations; and |
|
● |
Recognize
revenue when, or as, the Company satisfies the performance obligations. |
The
Company combines contracts with the same customer into a single contract for accounting purposes when the contracts are entered into
at or near the same time and the contracts are negotiated as a single commercial package, consideration in one contract depends on the
other contract, or the services are considered a single performance obligation. If an arrangement involves multiple performance obligations,
the items are analyzed to determine the separate units of accounting, whether the items have value on a standalone basis and whether
there is objective and reliable evidence of their standalone selling price. The total contract transaction price is allocated to the
identified performance obligations based upon the relative standalone selling prices of the performance obligations. The standalone selling
price is based on an observable price for services sold to other comparable customers, when available, or an estimated selling price
using a cost plus margin approach. Management estimates the amount of total contract consideration the Company expects to receive for
variable arrangements by determining the most likely amount we expect to earn from the arrangement based on the expected quantities of
services the Company expects to provide and the contractual pricing based on those quantities. The Company only includes some or a portion
of variable consideration in the transaction price when it is probable that a significant reversal in the amount of cumulative revenue
recognized will not occur or when the uncertainty associated with the variable consideration is subsequently resolved. Management considers
the sensitivity of the estimate, the Company’s relationship and experience with the client and variable services being performed,
the range of possible revenue amounts and the magnitude of the variable consideration to the overall arrangement.
As
discussed in more detail below, revenue is recognized when a customer obtains control of promised goods or services under the terms of
a contract and is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing
services. The Company typically does not have any material extended payment terms, as payment is due at or shortly after the time of
the sale. Sales, value-added and other taxes collected concurrently with revenue producing activities are excluded from revenue.
The
Company recognizes contract assets or unbilled receivables related to revenue recognized for services completed but not yet invoiced
to the clients. Unbilled receivables are recorded as accounts receivable when we have an unconditional right to contract consideration.
A contract liability is recognized as deferred revenue when we invoice clients, or receive cash, in advance of performing the related
services under the terms of a contract. Deferred revenue is recognized as revenue when we have satisfied the related performance obligation.
The
Company defers costs to acquire contracts, including commissions, incentives and payroll taxes, if they are incremental and recoverable
costs of obtaining a customer contract with a term exceeding one year. Deferred contract costs are reported within other assets and amortized
to selling expense over the contract term, which generally ranges from one to five years. The Company has elected to recognize the incremental
costs of obtaining a contract with a term of less than one year as a selling expense when incurred. The Company did not have any deferred
contract costs as of June 30, 2024 or December 31, 2023.
Premium
Revenue Recognition
The
Company participates in quota-share contracts and estimates the ultimate premiums for the contract period. These estimates are based
on information received from the ceding companies, whereby premiums are recorded as written in the same periods in which the underlying
insurance contracts are written and are based on cession statements from cedents. These statements are received quarterly and in arrears,
and thus, for any reporting lag, premiums written are estimated based on the portion of the ultimate estimated premiums relating to the
risks underwritten during the lag period.
Premium
estimates are reviewed by management periodically. Such review includes a comparison of actual reported premiums to expected premiums.
Based on management’s review, the appropriateness of the premium estimates is evaluated, and any adjustments to these estimates
are recorded in the period in which they are determined. Changes in premium estimates, including premiums receivable, are not unusual
and may result in significant adjustments in any period. A significant portion of amounts included in the caption “Reinsurance
balances receivable” in the Company’s consolidated balance sheets represents estimated premiums written, net of commissions,
brokerage, and loss and loss adjustment expense, and are not currently due based on the terms of the underlying contracts. Additional
premiums due on a contract that has no remaining coverage period are earned in full when written.
Premiums
written are generally recognized as earned over the contract period in proportion to the risk covered. Unearned premiums represent the
unexpired portion of reinsurance provided.
Current
Expected Credit Loss
In
the first quarter of 2023, the Company adopted ASU 2016-13, as amended, Financial Instruments – Credit Losses (“ASU 2016-13”),
which requires an entity to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from
the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset.
The
financial assets included in the caption “Reinsurance balances recoverable” in the Company’s consolidated balance sheets
are carried at amortized cost and therefore affected by ASU 2016-13. Management calculates an allowance for expected credit losses for
its reinsurance balances receivable by applying a Probability of Default / Loss Given Default model. The model considers both the external
collectability history as well as external loss history. The external loss history that Management utilizes includes a long-term probability
of liquidation study specific to insurance companies. Additionally, the life of each of the Company’s reinsurance treaties is also
considered as the probability of default is calculated over the contractual length of the reinsurance contracts. The credit worthiness
of a counterparty is evaluated by considering the credit ratings assigned by independent agencies and individually evaluating all the
counterparties. The Company updates the model each quarter and adjusts the balance accordingly. There was no change to the allowance
during the second quarter of 2024.
In
the first quarter of 2023, the Company allocated $200,000 into a promissory note. The promissory note is carried at amortized cost on
the Company’s consolidated balance sheet under the caption “other investments.” Due to being held at amortized cost,
the promissory note falls into the scope of ASU 2016-13. Due to immateriality, the Company does not have a current expected credit allowance
against the promissory note.
Trade
accounts receivable are recorded at the invoiced amount and do not bear interest. The Company determines the allowance for credit losses
based on several factors, including overall customer credit quality, historical write-off experience and a specific analysis that projects
the ultimate collectability of the account. As such, these factors may change over time causing the allowance level and bad debt expense
to be adjusted accordingly. Past due accounts are written off when our efforts have been unsuccessful in collecting amounts due.
Deferred
Policy Acquisition Costs
Policy
acquisition costs are costs that vary with, and are directly related to, the successful production of new and renewal of reinsurance
contracts, and consist principally of commissions, taxes and brokerage expenses. If the sum of a contract’s expected losses and
loss expenses and deferred acquisition costs exceeds associated unearned premiums and expected investment income, a premium deficiency
is determined to exist. In this event, deferred acquisition costs are written off to the extent necessary to eliminate the premium deficiency.
If the premium deficiency exceeds deferred acquisition costs then a liability is accrued for the excess deficiency. There were no premium
deficiency adjustments recognized during the periods presented herein.
Funds
Deposited for Benefit of Reinsured Companies
“Funds
Deposited with Reinsured Companies” on the Company’s consolidated balance sheets includes amounts held to support our reinsurance
contracts. As of June 30, 2024, the total cash collateral posted to support all of our reinsurance treaties
was approximately $8.1 million.
Loss
and Loss Adjustment Expense Reserves
The
Company maintains reserves equal to our estimated ultimate liability for losses and loss adjustment expense for reported and unreported
claims from our reinsurance business. Loss and loss adjustment reserve estimates are based primarily on estimates derived from reports
the Company has received from ceding companies. The Company then uses a variety of statistical and actuarial techniques to monitor reserve
adequacy. When setting reserves, the Company considers many factors including: (1) the types of exposures and projected ultimate premium
to be written by our cedants; (2) expected loss ratios by type of business; (3) actuarial methodologies which analyze loss reporting
and payment experience, reports from ceding companies and historical trends; and (4) general economic conditions. The Company also engages
independent actuarial specialists, at least annually, to assist management in establishing appropriate reserves. Since reserves are estimates,
the final settlement of losses may vary from the reserves established, and any adjustments to the estimates, which may be material, are
recorded in the period they are determined. The final settlement of losses may vary, perhaps materially, from the reserves recorded.
U.S.
GAAP does not permit establishing loss reserves, which include case reserves and IBNR loss reserves, until the occurrence of an event
which may give rise to a claim. As a result, only loss reserves applicable to losses incurred up to the reporting date are established,
with no allowance for the establishment of loss reserves to account for expected future loss events.
Generally,
the Company obtains regular updates of premium and loss related information for the current and historical periods, which are utilized
by the Company to update the initial expected loss ratio. These reports from cedants have varying due dates and may be received between
thirty to ninety days after period end. We experience a lag between (i) claims being reported by the underlying insured to the Company’s
cedent and (ii) claims being reported by the Company’s cedent to the Company. This lag may impact the Company’s loss reserve
estimates.. The timing of the reporting requirements is designed so that the Company receives premium and loss information as soon as
practicable once the client has closed its books. Accordingly, there is generally a lag of one-to-three-month in such reporting. Most
of the contracts that have the potential for large single event losses have provisions that such loss notifications are provided to the
Company immediately upon the occurrence of an event.
Stock-Based
Compensation
The
Company has accounted for stock-based compensation under the provisions of ASC Topic 718 – Stock Compensation, which requires
the use of the fair-value based method to determine compensation for all arrangements under which employees and others receive shares
of stock or equity instruments. The fair value of each stock option award is estimated on the date of grant using the Black-Scholes valuation
model using assumptions for expected volatility, expected dividends, expected term, and the risk-free interest rate along with multiple
Monte Carlo simulations to determine a derived service period as the options vest based upon meeting certain performance conditions.
The fair value of each stock option award is recorded as compensation expense on a straight-line basis over the requisite service period,
which is generally the period in which the stock options vest, with a corresponding increase to additional paid-in capital.
The
Company has also issued restricted stock units (“RSUs”) to certain of its employees and directors which have been accounted
for as equity-based awards since, upon vesting, they are required to be settled in the Company’s common shares. We have used the
fair value of the Company’s common stock on the date the RSUs were issued to estimate the grant date fair value of those RSUs which
vest solely based upon the passage of time. The fair value of each RSU is recorded as compensation expense over the requisite service
period, which is generally the expected period over which the awards will vest.
Based
upon the Company’s historical forfeiture rates relating to stock options and RSUs, the Company has not made any adjustment to stock
compensation expense for expected forfeitures as of June 30, 2024.
Fair
Value of Financial Instruments
The
carrying values of certain financial instruments, including cash, short-term investments, deposits held, accounts payable, and other
accrued expenses, approximate fair value due to their short-term nature. The Company measures the fair value of financial instruments
in accordance with GAAP which defines fair value as the exchange price that would be received for an asset (or paid to transfer a liability)
in the principal or most advantageous market for the asset (or liability) in an orderly transaction between market participants on the
measurement date. GAAP also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and
minimize the use of unobservable inputs when measuring fair value. The Company’s short-term debt is recorded at historical cost.
The carrying values of all other financial assets and liabilities, including accounts receivable, accounts payable, and short-term debt
reported in the condensed consolidated balance sheets equal or approximate their fair values due to the short-term nature of these instruments.
See Note 5 for further information on the fair value of the Company’s financial instruments.
Leases
The
Company and its subsidiaries lease plant and office facilities and equipment under operating and finance leases expiring through 2027.
The Company determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease
if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over
the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the
use of the asset and (b) the right to direct the use of the asset.
Right-of-use
assets and liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at commencement
date. Certain of the leases contain extension options; however, the Company has not included such options as part of its right-of-use
assets and lease liabilities because it does not expect to extend the leases. The Company measures and records a right-of-use asset and
lease liability based on the discount rate implicit in the lease, if known. In cases where the discount rate implicit in the lease is
not known, the Company measures the right-of-use assets and lease liabilities using a discount rate equal to the Company’s estimated
incremental borrowing rate for loans with similar collateral and duration.
The
Company elected to not apply the recognition requirements of Accounting Standards Codification Topic 842, “Leases,” to leases
of all classes of underlying assets that, at the commencement date, have a lease term of 12 months or less and do not include an option
to purchase the underlying asset that the lessee is reasonably certain to exercise. Instead, lease payments for such short-term leases
are recognized in operations on a straight-line basis over the lease term and variable lease payments in the period in which the obligation
for those payments is incurred.
The
Company elected, as a lessee, for all classes of underlying assets, to not separate nonlease components from lease components and instead
to account for each separate lease component and the nonlease components associated with that lease component as a single lease component.
Earnings
(Loss) Per Common Share
Basic
earnings (loss) per common share is computed using the weighted average number of shares outstanding during the respective period.
Diluted
earnings (loss) per common share assumes conversion of all potentially dilutive outstanding stock options, restricted stock units, warrants
or other convertible financial instruments. Potential common shares outstanding are excluded from the calculation of diluted earnings
(loss) per share if their effect is anti-dilutive.
Recent
Issued Accounting Pronouncements
In
November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements
to Reportable Segment Disclosures, which will add required disclosures of significant expenses for each reportable segment, as well as
certain other disclosures to help investors understand how the chief operating decision maker (“CODM”) evaluates segment
expenses and operating results. The new standard will also allow disclosure of multiple measures of segment profitability, if those measures
are used to allocate resources and assess performance. The amendments will be effective for public companies for fiscal years beginning
after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. Management is currently evaluating the impact of this accounting standard update on our consolidated financial statements.
In
December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. The ASU requires disaggregated information about
a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective
on a prospective basis for annual periods beginning after December 15, 2024, with early adoption permitted. The new ASU will not impact
amounts recorded in the Company’s financial statements but instead, will require more detailed disclosures in the notes to the
financial statements. The Company plans to provide the updated disclosures required by the ASU in the periods in which they are effective.
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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
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v3.24.2.u1
Merger of FGF and FGH
|
6 Months Ended |
Jun. 30, 2024 |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
|
Merger of FGF and FGH |
Note
3. Merger of FGF and FGH
On
February 29, 2024, FGF and FGH completed a merger transaction pursuant to which FGH common stockholders received one share of FGF common
stock for each share of common stock of FGH held by such stockholder.
The
merger involved a change of control between two businesses and was accounted for as a reverse acquisition in accordance with ASC 805
Business Combinations. A reverse acquisition occurs when the entity that issues securities (the legal acquirer) is identified as the
acquiree for accounting purposes and the entity whose equity interests are acquired (the legal acquiree) is identified as the acquirer
for accounting purposes. FGH was determined to be the accounting acquirer.
Per
ASC 805, the acquirer measures the identifiable assets acquired and the liabilities assumed at their acquisition-date fair values. The
Company determined the fair value of the FGF assets and liabilities as of February 29, 2024 was approximately $17.4 million. In a reverse
acquisition, generally the legal acquirer (accounting acquiree) issues consideration in the transaction. As such, the fair value of the
consideration transferred is determined based on the number of equity interests the accounting acquirer (legal acquiree) would have had
to issue to the owners of the legal acquirer (accounting acquiree) in order to provide the same ratio of ownership of equity interests
in the combined entity as a result of the reverse acquisition. Management determined total consideration was $15.6 million, which resulted
in a bargain purchase gain of $1.8 million. Management evaluated the bargain purchase gain and revisited the value of the individual
assets acquired and liabilities assumed in the merger and determined that no adjustments to reduce the fair value of the assets or increase
the fair value of the liabilities assumed were necessary.
The
following table summarizes the fair values assigned to the net assets acquired and the liabilities assumed as part of the merger (in
thousands):
Schedule
of Fair Values Assigned to the Net Assets Acquired and the Liabilities Assumed
| |
| | |
Cash and cash equivalents | |
$ | 1,903 | |
Deferred policy acquisition costs | |
| 1,764 | |
Reinsurance balances receivable | |
| 19,011 | |
Equity and other holdings | |
| 28,769 | |
Notes receivable | |
| 300 | |
Funds deposited with reinsured companies | |
| 8,055 | |
Right of Use Asset | |
| 36 | |
Property and equipment, net | |
| 27 | |
Other current assets | |
| 884 | |
Total identifiable assets acquired | |
| 60,749 | |
| |
| | |
Accounts payable and accrued expenses | |
| 1,133 | |
Loss and loss adjustment expense reserves | |
| 9,036 | |
Unearned premium reserves | |
| 10,744 | |
Operating lease obligation | |
| 36 | |
Total liabilities assumed | |
| 20,949 | |
| |
| | |
Series A Preferred Shares | |
| 22,365 | |
| |
| | |
Net assets acquired | |
$ | 17,435 | |
The
value of the net assets acquired exceeded the purchase price by approximately $1.8 million. As a result, the Company recorded a gain
on the bargain purchase during the quarter ended March 31, 2024, which is recorded within bargain purchase on acquisition and other income,
net on the condensed consolidated statement of operations.
As
stated in ASC 805, Business Combinations, the acquirer in a business combination has a period of time, referred to as the measurement
period, to finalize the accounting for a business combination. The measurement period provides companies with a reasonable period of
time to determine the value of identifiable tangible and intangible assets acquired, liabilities assumed, and the consideration transferred
for the acquiree. The measurement period ends when the acquirer receives all necessary information about the facts and circumstances
that existed as of the acquisition date for the provisional amounts (or otherwise learns that more information is not obtainable); however,
the measurement period cannot exceed one year from the acquisition date. Management is in the process of finalizing the acquisition
purchase price, which remains subject to change.
The
amounts of revenue and earnings of FGF included in the Company’s condensed consolidated statement of operations from the acquisition
date to June 30, 2024 are as follows:
Schedule
of Revenue and Earnings of FGF Included in the Condensed Consolidated Statement of Operation from the Acquisition Date
(in thousands) | |
| |
Revenue | |
$ | 3,767 | |
Net income | |
$ | 285 | |
The
following represents the pro forma consolidated income statement as if FGF had been included in the condensed consolidated results of
the Company for the six months ended June 30, 2024 and 2023 (in thousands):
Schedule
of Pro Forma Consolidated Income Statement
| |
Six Months Ended June 30, 2024 | | |
Six Months Ended June 30, 2023 | |
Revenue | |
$ | 13,004 | | |
$ | 12,996 | |
Net loss | |
$ | (12,356 | ) | |
$ | (8,032 | ) |
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- DefinitionThe entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings.
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v3.24.2.u1
Discontinued Operations
|
6 Months Ended |
Jun. 30, 2024 |
Discontinued Operations and Disposal Groups [Abstract] |
|
Discontinued Operations |
Note
4. Discontinued Operations
Strong/MDI
On
May 3, 2024, Strong Global Entertainment entered into an acquisition agreement (the “Acquisition Agreement”) with FG Acquisition
Corp., a special purpose acquisition company (“FGAC”), Strong/MDI, FGAC Investors LLC, and CG Investments VII Inc. (together
with FGAC Investors LLC, the “Sponsors”). FGAC’s currently issued and outstanding Class A restricted voting shares
(the “Class A Restricted Voting Shares”) and share purchase warrants (the “Warrants”) are listed on the Toronto
Stock Exchange (the “TSX”). In addition, FGAC has approximately 2.9 million Class B shares (the “Class B Shares”)
issued and outstanding.
Pursuant
to the Acquisition Agreement, FGAC intends to acquire, directly or indirectly, all of the outstanding shares in the capital of Strong/MDI
(the “MDI Acquisition”). As a result of the MDI Acquisition, Strong/MDI will become a wholly-owned subsidiary of FGAC. The
MDI Acquisition values Strong/MDI at a pre-money valuation of $30 million (as adjusted pursuant to the Acquisition Agreement, the “MDI
Equity Value”). On Closing, FGAC will satisfy the Purchase Price (as defined in the Acquisition Agreement) with: (i) cash, in an
amount equal to 25% of the net proceeds of a concurrent private placement, if any (the “Cash Consideration”), (ii) the issuance
to the Company of preferred shares (“Preferred Shares”) with an initial preferred share redemption amount of $9.0 million,
and (iii) the issuance to the Company of that number of Common Shares equal to (a) the MDI Equity Value minus (x) the Cash Consideration
and (y) the Preferred Shares, divided by (b) $10.00. The Purchase Price is also subject to a working capital adjustment, if any.
Management
evaluated the classification of Strong/MDI as a discontinued operation as of June 30, 2024 and determined Strong/MDI is a component of
an entity and represented a discontinued operation. Accordingly, Strong/MDI has been included as part of discontinued operations for
all periods presented.
In
connection with the closing of the MDI Acquisition (the “Closing”), FGAC intends to rename itself Saltire Holdings, Ltd.
(“Saltire”). It is a condition of Closing that the common shares of FGA (the “Common Shares”) be listed and the
Warrants continue to be listed on the TSX.
The
Closing is conditional on, among other things, there being no legal impediments to Closing and all required authorizations, consents
and approvals necessary to effect Closing having occurred, or being filed or obtained, as applicable, the Common Shares being conditionally
listed for trading on a stock exchange, the approval of the MDI Acquisition by the holders of Class A Restricted Voting Shares at a meeting
of shareholders to be held in connection with the MDI Acquisition, receipts having been obtained for both the preliminary and final prospectus
and other usual and customary conditions for transactions of this nature. The obligations of the Company at Closing are also conditional
on, among other usual and customary conditions for transactions of this nature, (a) the truth and accuracy of FGAC’s representations
and warranties, (b) the compliance and/ or performance by FGAC of its covenants under the Acquisition Agreement, and (c) there having
been no material adverse change with respect to FGAC. The Closing is also conditional on, among other usual and customary conditions
for transactions of this nature, the following conditions of Closing in favour of FGAC: (a) the truth and accuracy of the Company and
Strong/MDI’s representations and warranties, (b) the compliance and/or performance by the Company and MDI of their covenants under
the Acquisition Agreement, (c) the completion of all required third party authorizations, consents and approvals, and (d) there having
been no material adverse change with respect to Strong/MDI or its business and there being no events, facts or circumstances that shall
have occurred which would result or which could reasonably be expected to result, individually or in the aggregate, in a material adverse
change with respect to Strong/MDI or its business.
It
is anticipated that, upon completion of the MDI Acquisition, on a non-diluted basis and assuming completion of a $10 million private
placement and the issuance of 338,560 Common Shares to CG Investments VII Inc. as consideration for its deferred underwriting fee, the
Company will hold an ownership interest of approximately 29.6% in Saltire.
Strong
Studios
In
March 2022, Strong Studios, Inc. (“Strong Studios”) acquired, from Landmark Studio Group LLC (“Landmark”), the
rights to original feature films and television series, and was assigned third party rights to content for global multiplatform distribution.
The transaction entailed the acquisition of certain projects which are in varying stages of development. During the second quarter of
2022, Safehaven 2022, Inc. (“Safehaven 2022”) was established to manage the production and financing of the Safehaven
television series, one of the in-process projects acquired from Landmark.
In
September 2023, the Company acquired all of the outstanding capital stock of Unbounded Media Corporation (“Unbounded”), an
independent media and creative production company. Unbounded developed, created and produced film, advertising, and branded content for
a broad range of clients. The Company expected Unbounded, in partnership with Strong Studios, would also further develop its original
IP portfolio, under its Fieldhouse Entertainment division, which included feature films employing Strong Studios’ long form production
expertise and industry network.
As
of December 31, 2023, the board of directors of Strong Global Entertainment approved the Company’s plan to exit its content business,
including Strong Studios and Unbounded and authorized management to proceed with such plan. The plan is expected to improve the Company’s
focus on its core businesses, reduce general and administrative costs, and improve financial performance. The Company may receive proceeds
from the disposition of certain parts of the business and could recover development costs incurred in certain of the Strong Studios projects
in the future; however, any recovery is highly speculative, and management is not able to estimate the amount, timing or likelihood of
recoveries. These estimates may change based on the ultimate disposition of the operations and potential recoveries.
Management
evaluated the classification of the content business as a discontinued operation as of December 31, 2023. The content business included
employees and operations that were dedicated solely to that portion of the overall business. In addition, the Company’s accounting
system and bank accounts were set up in a manner that allowed for the cash flows to be clearly distinguished from the rest of the entity.
Management determined its content business is a component of an entity and represented a discontinued operation effective December 31,
2023. Accordingly, the content business has been included as part of discontinued operations for all periods presented. As noted above,
management began implementing the exit plan in late December 2023. All employees of the content business were notified of the Company’s
plans to exit the business in December and management immediately began working to implement the exit plan.
In
connection with the plan to exit the content business, the Company shut down the acquired Unbounded operations effective December 31,
2023.
The
Company also entered into a letter of intent during December 2023 and executed a Stock Purchase Agreement effective January 1, 2024 for
the sale of the majority of the Strong Studios operations. As a result, the Company has classified the assets and liabilities to reflected
as discontinued operations as of December 31, 2023. The assets and liabilities transferred to the purchaser during the first quarter
of 2024.
Pursuant
to the Stock Purchase Agreement, the Company transferred the Strong Studios legal entity and all assets and liabilities related to Strong
Studios, except the assets and liabilities related to Safehaven. The Stock Purchase Agreement included a sales price of $0.6 million
in cash, to be paid in installments, and assumption of certain liabilities of Strong Studios. In addition to the $0.6 million purchase
price, the Company could recoup its investments in the underlying projects in the future if they projects are profitably commercialized.
The first installment payment was due in February 2024, but the payment has not been received from the purchaser, and management is uncertain
if the cash purchase price will ultimately be received. As a result, the Company has adjusted the carrying value of the net assets related
to Strong Studios to $0.
The Safehaven series
was not transferred as part of the Stock Purchase Agreement as the Company and the other investors in the series were involved in a
dispute relating to the financial management of the project. As a result of the dispute and the impact on the Company’s
ability to predict any future revenue participation from the sale/license of the series, the carrying value of the assets and
liabilities was adjusted to $0.
In July 2024, the Company resolved the dispute, which did not result in any cash payments or a material impact to its current period
financial statements. In addition, the Company maintained a right to receive distributions to recover its investment and to
participate in series profits (if any).
The
major classes of assets and liabilities included as part of discontinued operations are as follows (in thousands):
Schedule
of Major Class Assets and Liabilities Included as Part of Discontinued Operations
| |
| | |
| | |
| | |
| | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
Strong/MDI | | |
Strong Studios | | |
Total | | |
Strong/MDI | | |
Strong Studios | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Cash | |
$ | 484 | | |
$ | - | | |
$ | 484 | | |
$ | 649 | | |
$ | - | | |
$ | 649 | |
Accounts receivable, net | |
| 2,919 | | |
| - | | |
| 2,919 | | |
| 2,948 | | |
| 27 | | |
| 2,975 | |
Inventories | |
| 2,460 | | |
| - | | |
| 2,460 | | |
| 2,598 | | |
| - | | |
| 2,598 | |
Other current assets | |
| 640 | | |
| - | | |
| 640 | | |
| 743 | | |
| 7 | | |
| 750 | |
Property, plant and equipment, net | |
| 987 | | |
| - | | |
| 987 | | |
| 1,105 | | |
| - | | |
| 1,105 | |
Goodwill and intangible assets | |
| 906 | | |
| - | | |
| 906 | | |
| 903 | | |
| - | | |
| 903 | |
Film & TV programming rights | |
| - | | |
| - | | |
| - | | |
| - | | |
| 906 | | |
| 906 | |
Total assets of discontinued operations | |
$ | 8,396 | | |
$ | - | | |
$ | 8,396 | | |
$ | 8,946 | | |
$ | 940 | | |
$ | 9,886 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 1,836 | | |
$ | - | | |
$ | 1,836 | | |
$ | 2,376 | | |
$ | 1,321 | | |
$ | 3,697 | |
Deferred revenue and customer deposits | |
| 304 | | |
| - | | |
| 304 | | |
| 469 | | |
| - | | |
| 469 | |
Short-term debt | |
| 2,895 | | |
| - | | |
| 2,895 | | |
| 2,438 | | |
| - | | |
| 2,438 | |
Long-term debt | |
| - | | |
| - | | |
| - | | |
| - | | |
| 71 | | |
| 71 | |
Deferred income tax liabilities, net | |
| 107 | | |
| - | | |
| 107 | | |
| 125 | | |
| - | | |
| 125 | |
Total liabilities of discontinued operations | |
$ | 5,142 | | |
$ | - | | |
$ | 5,142 | | |
$ | 5,408 | | |
$ | 1,392 | | |
$ | 6,800 | |
The
major line items constituting the net loss from discontinued operations are as follows (in thousands):
Schedule
of Net Loss From Discontinued Operation
| |
Strong/MDI | | |
Strong Studios | | |
Total | | |
Strong/MDI | | |
Strong Studios | | |
Total | |
| |
Three Months Ended June 30, 2024 | | |
Three Months Ended June 30, 2023 | |
| |
Strong/MDI | | |
Strong Studios | | |
Total | | |
Strong/MDI | | |
Strong Studios | | |
Total | |
Net revenues | |
$ | 3,940 | | |
$ | - | | |
$ | 3,940 | | |
$ | 4,617 | | |
$ | 6,379 | | |
$ | 10,996 | |
Cost of revenues | |
| 2,358 | | |
| 110 | | |
| 2,468 | | |
| 2,763 | | |
| 1,985 | | |
| 4,748 | |
Gross profit | |
| 1,582 | | |
| (110 | ) | |
| 1,472 | | |
| 1,854 | | |
| 4,394 | | |
| 6,248 | |
Selling and administrative expenses | |
| 1,145 | | |
| 204 | | |
| 1,349 | | |
| 899 | | |
| 3,600 | | |
| 4,499 | |
Gain on disposal of assets | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Income (loss) from operations | |
| 437 | | |
| (314 | ) | |
| 123 | | |
| 955 | | |
| 794 | | |
| 1,749 | |
Other expense | |
| 62 | | |
| - | | |
| 62 | | |
| (487 | ) | |
| - | | |
| (487 | ) |
Income (loss) from discontinued operations before taxes | |
| 499 | | |
| (314 | ) | |
| 185 | | |
| 468 | | |
| 794 | | |
| 1,262 | |
Income tax expense | |
| (35 | ) | |
| - | | |
| (35 | ) | |
| (369 | ) | |
| - | | |
| (369 | ) |
Net income (loss) from discontinued operations | |
$ | 464 | | |
$ | (314 | ) | |
$ | 150 | | |
$ | 99 | | |
$ | 794 | | |
$ | 893 | |
| |
Strong/MDI | | |
Strong Studios | | |
Total | | |
Strong/MDI | | |
Strong Studios | | |
Total | |
| |
Six Months Ended June 30, 2024 | | |
Six Months Ended June 30, 2023 | |
| |
Strong/MDI | | |
Strong Studios | | |
Total | | |
Strong/MDI | | |
Strong Studios | | |
Total | |
Net revenues | |
$ | 7,327 | | |
$ | - | | |
$ | 7,327 | | |
$ | 8,051 | | |
$ | 6,379 | | |
$ | 14,430 | |
Cost of revenues | |
| 4,394 | | |
| 205 | | |
| 4,599 | | |
| 4,895 | | |
| 1,985 | | |
| 6,880 | |
Gross profit | |
| 2,933 | | |
| (205 | ) | |
| 2,728 | | |
| 3,156 | | |
| 4,394 | | |
| 7,550 | |
Selling and administrative expenses | |
| 1,783 | | |
| 131 | | |
| 1,914 | | |
| 1,595 | | |
| 3,792 | | |
| 5,387 | |
Loss (gain) on disposal of assets | |
| 2 | | |
| - | | |
| 2 | | |
| - | | |
| (1 | ) | |
| (1 | ) |
Income (loss) from operations | |
| 1,148 | | |
| (336 | ) | |
| 812 | | |
| 1,561 | | |
| 603 | | |
| 2,164 | |
Other income (expense) | |
| 141 | | |
| - | | |
| 141 | | |
| (407 | ) | |
| - | | |
| (407 | ) |
Income (loss) from discontinued operations before taxes | |
| 1,289 | | |
| (336 | ) | |
| 953 | | |
| 1,154 | | |
| 603 | | |
| 1,757 | |
Income tax expense | |
| (168 | ) | |
| - | | |
| (168 | ) | |
| (63 | ) | |
| - | | |
| (63 | ) |
Net income (loss) from discontinued operations | |
$ | 1,121 | | |
$ | (336 | ) | |
$ | 785 | | |
$ | 1,091 | | |
$ | 603 | | |
$ | 1,694 | |
|
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- DefinitionThe entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.
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v3.24.2.u1
Equity Holdings and Fair Value Disclosures
|
6 Months Ended |
Jun. 30, 2024 |
Fair Value Disclosures [Abstract] |
|
Equity Holdings and Fair Value Disclosures |
Note
5. Equity Holdings and Fair Value Disclosures
As of June 30, 2024, the Company held approximately
$43.6 million in investments and equity holdings, of which approximately $22.5 million were owned by its reinsurance subsidiary, FGRe,
where the Company uses such investment and equity holdings to support the capital structure of its reinsurance business.
The
Company accounts for each of its equity holdings using either the fair value method, the equity method and the cost method as summarized
below as of June 30, 2024 (in thousands):
Schedule of Equity Holdings
| |
Fair Value Method | | |
Cost Method | | |
FG Merger Partners, LLC | | |
FGAC Investors LLC | | |
FG Merger Investors LLC | | |
GreenFirst Forest Products Holdings LLC | | |
Total | |
| |
| | |
| | |
Equity Method | | |
| |
| |
Fair Value Method | | |
Cost Method | | |
FG Merger Partners, LLC | | |
FGAC Investors LLC | | |
FG Merger Investors LLC | | |
GreenFirst Forest Products Holdings LLC | | |
Total | |
Investments in publicly traded companies: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
GreenFirst Forest Products common shares | |
$ | 4,400 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 382 | | |
$ | 4,782 | |
FG Acquisition Corp. common shares and warrants | |
| - | | |
| - | | |
| 2,208 | | |
| 8,384 | | |
| - | | |
| - | | |
| 10,592 | |
iCoreConnect preferred shares and warrants | |
| - | | |
| - | | |
| 2,733 | | |
| - | | |
| 5,136 | | |
| - | | |
| 7,869 | |
Oppfi common shares and warrants | |
| 663 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 663 | |
Hagerty warrants | |
| - | | |
| - | | |
| 646 | | |
| - | | |
| - | | |
| - | | |
| 646 | |
Investments in privately held companies: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
FG Communities common and preferred shares | |
| - | | |
| 2,288 | | |
| 2,003 | | |
| - | | |
| - | | |
| - | | |
| 4,291 | |
Firefly Systems preferred shares | |
| - | | |
| 12,898 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 12,898 | |
Craveworthy common shares and note | |
| - | | |
| 200 | | |
| 1,456 | | |
| - | | |
| - | | |
| - | | |
| 1,656 | |
Other | |
| - | | |
| 157 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 157 | |
Total | |
$ | 5,063 | | |
$ | 15,543 | | |
$ | 9,046 | | |
$ | 8,384 | | |
$ | 5,136 | | |
$ | 382 | | |
$ | 43,554 | |
As of December 31, 2023, the Company’s only
equity method holding consisted for FGH’s equity interests in FGF which was held through its investment in FG Financial Holdings,
LLC, which was eliminated in connection with the Merger and its holdings in GreenFirst was accounted for using the fair value method and
its investment in Firefly was accounting for using the cost method.
Fair
Value Method Holdings
The
carrying value of fair value method holdings is determined based on the security’s trading price multiplied by the number of shares
held. The following table summarizes the Company’s fair value method holdings as of June 30, 2024 and December 31, 2023 (in thousands):
Schedule
of Fair Value
As of June 30, 2024 | |
Cost Basis | | |
Gross Unrealized Gains | | |
Gross Unrealized Losses | | |
Carrying Amount | |
GreenFirst common stock | |
$ | 8,679 | | |
$ | - | | |
$ | (4,279 | ) | |
$ | 4,400 | |
OppFi common stock and warrants | |
| 427 | | |
| 236 | | |
| - | | |
| 663 | |
Total fair value method holdings | |
$ | 9,106 | | |
$ | 236 | | |
$ | (4,279 | ) | |
$ | 5,063 | |
As of December 31, 2023 | |
Cost Basis | | |
Gross Unrealized Gains | | |
Gross Unrealized Losses | | |
Carrying Amount | |
GreenFirst common stock | |
$ | 8,679 | | |
$ | 1,873 | | |
$ | - | | |
$ | 10,552 | |
Total fair value method holdings | |
$ | 8,679 | | |
$ | 1,873 | | |
$ | - | | |
$ | 10,552 | |
The carrying value of fair value
method holdings is determined based on the security’s trading price multiplied by the number of shares held.
GreenFirst Forest Products Inc.
(“GreenFirst”) is a publicly-traded Canadian company focused on environmentally sustainable forest management and lumber production.
The Company holds shares of GreenFirst directly that are accounted for at fair value of $4.4 million based on observable quoted market
prices. The Company also holds approximately $0.4 million of GreenFirst common shares through an equity method investment in GreenFirst
Forest Products Holdings LLC (see Equity Method Investments below).
OppFi Inc. (“OppFi”)
is a publicly-traded tech-enabled, mission-driven specialty finance platform that broadens the reach of community banks to extend credit
access to everyday Americans. The Company accounts for its common shares and warrants of OppFi using the fair value method based on observable
quoted market prices.
Equity Method
Holdings
As
of December 31, 2023, the Company’s only equity method holding consisted for FGH’s equity interests in FGF which was held
through its investment in FG Financial Holdings, LLC, which was eliminated in connection with the Merger.
On
January 4, 2021, FGMP was formed as a Delaware limited partnership to co-sponsor newly formed SPACs with their founders or partners,
as well as other merchant banking interests. The Company is the sole managing member of the general partner of FGMP and holds a limited
partner interest of approximately 50% in FGMP directly and through its subsidiaries. FGMP participates as a co-sponsor of the SPACs launched
under our SPAC Platform as well as merchant banking initiatives.
For
the three and six months ended June 30, 2024, the Company recorded an equity method gain from FGMP of approximately $28,000
and $64,000,
respectively. No capital contributions were made to FGMP during the quarter or six months ended June 30, 2024. Of the $9.0 million carrying value
of our holding in FGMP at June 30, 2024 the Company may allocate up to approximately $0.4
million to incentivize
and compensate individuals and entities for the successful merger of SPACs launched under our platform.
The
Company holds direct limited liability company interests in FGAC Investors LLC, which holds investments in FG Acquisition Corp., in FG Merger
Investors LLC, which holds investments in iCoreConnect, and GreenFirst Forest Products Holdings, LLC, which holds investments in
GreenFirst. Management determined that it has the ability to exercise significant influence over FGAC Investors LLC, FG Merger
Investors LLC and GreenFirst Forest Products Holdings LLC, and accounts for each of these investments under the equity method of
accounting.
For
the three and six months ended June 30, 2024, the Company recorded an equity method loss on FG
Merger Investors of approximately $30,000
and $22,500,
respectively. The Company recorded an equity method loss from GreenFirst Forest Products Holdings LLC of approximately $0.3
million and $0.4
million for the three
and six months ended June 30, 2024, respectively, and a loss of $0.7
million and $0.6
million from FGAC Investors
LLC for the three and six months ended June 30, 2024, respectively.
Financial
information for our investments accounted for under the equity method, in the aggregate, is as follows (in thousands):
Schedule
of Financial Information for Investments Accounted Under the Equity Method
| |
As of June 30, 2024 | |
Other investments | |
$ | 74,232 | |
Cash | |
| 527 | |
Other assets | |
| 20 | |
Total assets | |
| 74,779 | |
| |
| | |
Total liabilities | |
| 61 | |
| |
Three Months Ended
June 30,
2024 | | |
Six Months Ended
June 30, 2024 | |
(in thousands) | |
| | | |
| | |
Net investment (loss) income | |
$ | (503 | ) | |
$ | 101 | |
Other income | |
| 2 | | |
| 22 | |
General and administrative expenses | |
| (23 | ) | |
| (48 | ) |
Net (loss) income | |
| (523 | ) | |
| 75 | |
Certain
investments held by our equity method investees are valued using Monte-Carlo simulation and option pricing models. Inherent in Monte-Carlo
simulation and option pricing models are assumptions related to expected volatility and discount for lack of marketability of the underlying
investment. Our investees estimate the volatility of these investments based on the historical performance of various broad market indices
blended with various peer companies which they consider as having similar characteristics to the underlying investment, as well as consideration
of price and volatility of relevant publicly traded securities such as SPAC warrants. Our investees also consider the probability of
a successful merger when valuing equity for SPACs that have not yet closed. Actual results from those investments over time could vary significantly from estimates using Monte-Carlo simulation
and option pricing models.
Cost
Method Investments without Readily Determinable Fair Value
In
addition to our equity method and fair value method holdings, other holdings which do not have a readily determinable fair value are accounted for at their cost, subject to any adjustment from time to time due to impairment or
observable price changes in orderly transactions. When the Company observes an orderly transaction of an investee’s identical
or similar equity securities, the Company adjusts the carrying value based on the observable price as of the transaction date. Any
profit distributions the Company receives on these investments are included in net investment income. The Company is not aware of
any issuances of identical or similar equities during the six months ended June 30, 2024. As a result, the carrying value of
holdings without readily determinable fair value did not change during the three and six months ended June 30, 2024.
Other
Holdings
The
Company’s other holdings includes a convertible promissory note and a senior unsecured promissory note.
On
September 29, 2023, the Company invested $250,000 in a convertible promissory note with ThinkMarkets, of which $125,000 has been repaid
through June 30, 2024. The promissory note has an interest rate of 15% annually, with interest payments due monthly, and matures on August
1, 2025. Commencing upon the closing of the contemplated business combination, the Company has the option to convert any unpaid loan
amount and all accrued and unpaid interest into fully paid shares of FGAC common stock, at a conversion price of $5.00 per share. The
Company evaluated the convertible promissory note’s settlement provisions and elected the fair value option to value this instrument.
Under the fair value election, the convertible promissory note is measured initially and subsequently at fair value. As of June 30, 2024,
the fair value was calculated to be $125,000.
On
March 16, 2023, the Company invested $200,000 in a senior unsecured loan to Craveworthy. The loan had
an interest rate of 13% and a maturity of March 15, 2024. The senior unsecured note was amended to a convertible bridge loan on October
17, 2023, and the maturity date was changed to October 16, 2024. The $200,000 principal and any interest accrued may be prepaid voluntarily
by Craveworthy but is not required to be paid until the date of maturity. As of June 30, 2024, the entire principal amount of $200,000
as well as approximately $35,000 of accrued interest was outstanding.
Impairment
For
equity securities without readily determinable fair values, impairment is determined via a qualitative assessment which considers indicators
to evaluate whether the investment is impaired. Some of these indicators include a significant deterioration in the earnings performance
or asset quality of the investee, a significant adverse change in regulatory, economic or general market conditions in which the investee
operates, or doubt over an investee’s ability to continue as a going concern. If the investment is deemed to be impaired after
conducting this analysis, the Company would estimate the fair value of the investment to determine the amount of impairment loss.
For
equity method holdings, evidence of a loss in value might include a series of operating losses of an investee, the absence of an ability
to recover the carrying amount of the investment, or a deterioration in the value of the investee’s underlying assets. If these,
or other indicators lead to the conclusion that there is a decrease in the value of the holding that is other than temporary, the Company
would recognize that decrease in value even though the decrease may be in excess of what would otherwise be recognized under the equity
method of accounting.
The
risks and uncertainties inherent in the assessment methodology used to determine impairment include, but may not be limited to, the following:
|
● |
the opinions of professional
investment managers and appraisers could be incorrect; |
|
|
|
|
● |
the past operating performance
and cash flows generated from the investee’s operations may not reflect their future performance; and |
|
|
|
|
● |
the estimated fair values
for investment for which observable market prices are not available are inherently imprecise. |
The
Company did not record an impairment on its holdings during the quarter or six months ended June 30, 2024.
Net
investment loss for the three and six months ended June 30, 2024 is as follows (in thousands):
Schedule
of Net Investment Income
| |
Three Months Ended
June 30, 2024 | | |
Six Months Ended
June 30, 2024 | |
Investment loss: | |
| | | |
| | |
Realized gain on common stock | |
$ | 354 | | |
$ | 495 | |
Change in unrealized holding on common stock | |
| (3,671 | ) | |
| (6,375 | ) |
Loss on equity method holdings | |
| (962 | ) | |
| (1,806 | ) |
Other | |
| 268 | | |
| 275 | |
Net investment loss | |
$ | (4,011 | ) | |
$ | (7,411 | ) |
Fair
Value Measurements
The
Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal
or most advantageous market. The FASB has issued guidance that defines fair value as the exchange price that would be received for an
asset (or paid to transfer a liability) in the principal, or most advantageous market in an orderly transaction between market participants.
This guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the
use of unobservable inputs when measuring fair value. The guidance categorizes assets and liabilities at fair value into one of three
different levels depending on the observation of the inputs employed in the measurements, as follows:
|
● |
Level 1 – inputs
to the valuation methodology are quoted prices for identical assets or liabilities in active markets providing the most reliable
measurement of fair value since it is directly observable. |
|
|
|
|
● |
Level 2 – inputs
to the valuation methodology which include quoted prices for similar assets or liabilities in active markets. These inputs are observable,
either directly or indirectly, for substantially the full-term of the financial instrument. |
|
|
|
|
● |
Level 3 – inputs
to the valuation methodology which are unobservable and significant to the measurement of fair value. |
The
availability of valuation techniques and observable inputs can vary from investment to investment and are affected by a variety of factors,
including the type of investment, whether the investment is new and not yet established in the marketplace, the liquidity of markets
and other characteristics specific to the individual investment. In some cases, the inputs used to measure fair value might be categorized
within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in
the hierarchy based on the lowest level input that is significant to the fair value measurement. When determining fair value, the Company
uses valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs.
Financial
instruments measured, on a recurring basis, at fair value as of June 30, 2024 and December 31, 2023 in accordance with the guidance promulgated
by the FASB are as follows (in thousands):
Schedule
of Financial Instruments Measured on Recurring Basis at Fair Value
As of June 30, 2024 | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Oppfi common stock and warrants | |
$ | 663 | | |
$ | – | | |
$ | – | | |
$ | 663 | |
GreenFirst common stock | |
| 4,400 | | |
| – | | |
| – | | |
| 4,400 | |
ThinkMarkets convertible note | |
| – | | |
| – | | |
| 125 | | |
| 125 | |
Craveworthy convertible bridge loan | |
| – | | |
| – | | |
| 200 | | |
| 200 | |
Financial instrument fair value | |
$ | 5,063 | | |
$ | – | | |
$ | 325 | | |
$ | 5,388 | |
| |
| | | |
| | | |
| | | |
| | |
As of December 31, 2023 | |
| | | |
| | | |
| | | |
| | |
GreenFirst common stock | |
$ | 10,552 | | |
$ | – | | |
$ | – | | |
$ | 10,552 | |
Financial instrument fair value | |
$ | 10,552 | | |
$ | – | | |
$ | – | | |
$ | 10,552 | |
On
September 29, 2023, the Company invested $250,000 in a convertible promissory note with ThinkMarkets, of which $125,000 has been repaid
through June 30, 2024. As of June 30, 2024, the Company approximates the fair value of the note to be $125,000. On March 16, 2023, the
Company invested $200,000 in a senior unsecured loan to Craveworthy. The senior unsecured note was amended to a convertible bridge loan
on October 17, 2023, and the maturity date was changed to October 16, 2024. As of June 30, 2024, the Company approximates the fair value
of the bridge loan to be $200,000.
The
following tables provide a reconciliation of the fair value of recurring Level 3 fair value measurements for the six months ended
June 30, 2024 (in thousands):
Schedule
of Fair Value of Recurring Level 3 Fair Value Measurements
Assets: | |
| | |
Convertible notes | |
| | |
Beginning balance | |
| - | |
Increase as a result of Merger (Note 3) | |
| 450 | |
Increase in fair value of convertible note | |
| - | |
Repayments | |
| (125 | ) |
Balance, June 30, 2024 | |
$ | 325 | |
|
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.24.2.u1
Loss and Loss Adjustment Expense Reserves
|
6 Months Ended |
Jun. 30, 2024 |
Loss And Loss Adjustment Expense Reserves |
|
Loss and Loss Adjustment Expense Reserves |
Note
6. Loss and Loss Adjustment Expense Reserves
A
significant degree of judgment is required to determine amounts recorded in the consolidated financial statements for the provision for
loss and loss adjustment expense (“LAE”) reserves. The process for establishing this provision reflects the uncertainties
and significant judgmental factors inherent in predicting future results of both known and unknown loss events. The process of establishing
the provision for loss and LAE reserves relies on the judgment and opinions of many individuals, including the opinions of the Company’s
management, as well as the management of ceding companies and their actuaries.
In
estimating losses, the Company may assess any of the following:
|
● |
a review of in-force treaties
that may provide coverage and incur losses; |
|
● |
general forecasts, catastrophe
and scenario modelling analyses and results shared by cedents; |
|
● |
reviews of industry insured
loss estimates and market share analyses; |
|
● |
management’s judgment;
and |
|
● |
loss development factor
selections, initial expected loss ratio selections, and weighting of methods used |
Under
the terms of certain of our quota-share agreements, and due to the nature of claims and premium reporting, a lag exists between (i) claims
being reported by the underlying insured to the Company’s cedent and (ii) claims being reported by the Company’s cedent to
the Company. We report the results of reinsurance contracts on a lag ranging from 1 month to 3 months depending on the availability of
information from the cedants. While the Company believes its estimate of loss and loss adjustment expense reserves are adequate as of
June 30, 2024, based on available information, actual losses may ultimately differ materially from the Company’s current estimates.
The Company will continue to monitor the appropriateness of its assumptions as new information is provided.
A
summary of changes in outstanding loss and loss adjustment expense reserves for the six months ended June 30, 2024 is as
follows (in thousands):
Schedule
of Changes in Outstanding Loss Adjustment Expense Reserves
| |
| | |
Balance, beginning of period, net of reinsurance | |
$ | 9,036 | |
Incurred related to: | |
| | |
Current year | |
| 2,396 | |
Prior year | |
| 375 | |
Paid related to: | |
| | |
Current year | |
| (1,767 | ) |
Prior years | |
| (298 | ) |
Balance, June 30, 2024, net of reinsurance | |
$ | 9,742 | |
|
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v3.24.2.u1
Inventories
|
6 Months Ended |
Jun. 30, 2024 |
Inventory Disclosure [Abstract] |
|
Inventories |
Note
7. Inventories
Inventories
consisted of the following (in thousands):
Schedule
of Inventories
| |
June 30, 2024 | | |
December 31, 2023 | |
Raw materials and components | |
$ | - | | |
$ | - | |
Work in process | |
| 10 | | |
| 6 | |
Finished goods, net of reserve | |
| 2,538 | | |
| 1,476 | |
Total | |
$ | 2,548 | | |
$ | 1,482 | |
The
inventory balances are net of reserves of approximately $0.4 million as of both June 30, 2024 and December 31, 2023. The inventory reserves
primarily related to the Company’s finished goods inventory. A rollforward of the inventory reserve for the six months ended June
30, 2024, is as follows (in thousands):
Schedule
of Inventory Reserves
| |
| | |
Inventory reserve balance at December 31, 2023 | |
$ | 384 | |
Inventory write-offs during 2024 | |
| 25 | |
Benefit from inventory reserve during 2024 | |
| (38 | ) |
Inventory reserve balance at June 30, 2024 | |
$ | 371 | |
|
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v3.24.2.u1
Property, Plant and Equipment
|
6 Months Ended |
Jun. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
Property, Plant and Equipment |
Note
8. Property, Plant and Equipment
Property,
plant and equipment include the following (in thousands):
Schedule
of Property, Plant and Equipment
| |
June 30, 2024 | | |
December 31, 2023 | |
Land | |
$ | 47 | | |
$ | 2,342 | |
Buildings and improvements | |
| 3,367 | | |
| 9,469 | |
Machinery and other equipment | |
| 671 | | |
| 678 | |
Office furniture and fixtures | |
| 332 | | |
| 377 | |
Total property, plant and equipment, cost | |
| 4,417 | | |
| 12,866 | |
Less: accumulated depreciation | |
| (1,299 | ) | |
| (1,751 | ) |
Property, plant and equipment, net | |
$ | 3,118 | | |
$ | 11,115 | |
As
discussed in Note 1, the Company sold the Digital Ignition business during the second quarter of 2024.
Depreciation
expense approximated $0.1 million and $0.2 million during the three months ended June 30, 2024 and 2023, respectively, and $0.3 million
and $0.4 million during the six months ended June 30, 2024 and 2023, respectively.
|
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.24.2.u1
Income Taxes
|
6 Months Ended |
Jun. 30, 2024 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Note
9. Income Taxes
In
assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all
of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of
future taxable income. The Company considers the scheduled reversal of taxable temporary differences, projected future taxable income
and tax planning strategies in making this assessment. A cumulative loss in a particular tax jurisdiction in recent years is a significant
piece of evidence with respect to the realizability that is difficult to overcome. Based on the available objective evidence, including
recent updates to the taxing jurisdictions generating income, the Company concluded that a valuation allowance should be recorded against
all of the Company’s U.S. tax jurisdiction deferred tax assets as of June 30, 2024 and December 31, 2023.
The
Tax Cuts and Jobs Act (the Tax Act) provides for a territorial tax system, which began in 2018. It includes the global intangible low-taxed
income (“GILTI”) provision. The GILTI provisions require the Company to include in its U.S. income tax return foreign subsidiary
earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. The GILTI provisions also allow for a high-tax
exclusion if the effective tax rate of the tested income is greater than 18.9%. The Company has evaluated these regulations in determining
the appropriate amount of the inclusion for the tax provision. The effective tax rate on the tested income is greater than 18.9%; thus,
the Company is utilizing the GILTI high-tax exclusion for purposes of the tax provision for the three and six months ended June 30, 2024,
as well as December 31, 2023.
The
Tax Code requires U.S. shareholders to include its share of its Controlled Foreign Corporation’s (CFC) income from dividends,
interest, rents, and various other types of income, called Subpart F Income. During the three and six months ended June 30, 2024,
the Company incurred interest income from its foreign CFC’s as additional taxable income in this provision, which is fully
offset by net operating losses.
Changes
in tax laws may affect recorded deferred tax assets and liabilities and our effective tax rate in the future. In March of 2020, the CARES
Act was enacted and made significant changes to Federal tax laws, including certain changes that were retroactive to the 2019 tax year.
The effects of these changes relate to deferred tax assets and net operating losses; all of which are offset by valuation allowance.
There were no material income tax consequences of this enacted legislation on the reporting period of these financial statements.
The
Company is subject to possible examinations not yet initiated for Federal purposes for the fiscal years 2020 through 2022. The Company
is also subject to possible examinations for state and local purposes. In most cases, these examinations in the state and local jurisdictions
remain open based on the particular jurisdiction’s statute of limitations.
|
X |
- DefinitionThe entire disclosure for income tax.
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Equity Incentive Plan Grants
|
6 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Equity Incentive Plan Grants |
Note
10. Equity Incentive Plan Grants
On
December 15, 2021, our shareholders approved the FG Financial Group, Inc. 2021 Equity Incentive Plan (the “2021 Plan”). The
purpose of the 2021 Plan is to attract and retain directors, consultants, officers and other key employees of the Company and its subsidiaries
and to provide to such persons incentives and rewards for superior performance. The 2021 Plan is administered by the Compensation and
Management Resources Committee of the Board and has a term of ten years. The 2021 Plan awards may be in the form of stock options (which
may be incentive stock options or nonqualified stock options), stock appreciation rights (or “SARs”), restricted shares,
restricted share units (or “RSUs”), and other share-based awards, and provides for a maximum of 1,500,000 shares available
for issuance. On March 24, 2023, the Company’s board of directors approved an amendment to the 2021 Plan to increase the number
of shares available for issuance from 1,500,000 to 2,000,000. As of June 30, 2024, there were approximately 0.3 million shares remaining
available for future issuance.
In
addition, on March 24, 2023, the
board of directors approved an employee stock purchase plan (“ESPP Plan”) whereby qualifying employees can choose each
year to have up to 5% of their annual base earnings withheld to purchase the Company’s common shares in the open market. The
Company matches 100% of the employee’s contribution amount after thirty days of employment.
Total
stock-based compensation expense for the three months ended June 30, 2024 and 2023 was approximately $0.4 million and $0.9 million, respectively,
and $0.7 million and $1.0 million for the six months ended June 30, 2024, respectively. As of June 30, 2024, total unrecognized stock
compensation expense of approximately $1.2 million remains, which will be recognized through December 2028. Stock compensation expense
has been reflected in the Company’s financial statements as part of general and administrative expense.
As
part of the Merger, each restricted stock unit and stock option award granted pursuant to the terms of FGH’s 2017 Omnibus Equity
Compensation Plan were converted into options to purchase or receive an equal number of shares of the Company’s common stock. The
term, vesting schedule and all of the other terms of each FGH restricted stock unit and stock option award assumed in the Merger were
not changed.
Restricted
Stock Units
The
following table summarizes RSU activity for the six months ended June 30, 2024:
Schedule
of Restricted Stock Units Activity
Restricted Stock Units | |
Number of Units | | |
Weighted Average Grant Date Fair Value | |
Non-vested units, December 31, 2023 | |
| 1,472,147 | | |
$ | 2.31 | |
Granted | |
| 700,000 | | |
| 1.31 | |
Vested | |
| (1,426,879 | ) | |
| 1.94 | |
Forfeited | |
| - | | |
| - | |
Non-vested units, June 30, 2024 | |
| 745,268 | | |
$ | 2.07 | |
The
table above includes activity for RSUs for FGH and FGF. The Company granted a total of 700,000 RSUs to members of the Company’s
management on January 3, 2024, all of which vested on February 17, 2024.
Stock
Options
The
following table summarizes activity for stock options issued for the six months ended June 30, 2024:
Schedule
of Stock Option Activity
Common Stock Options | |
Shares | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Term (yrs) | | |
Weighted Average Grant Date Fair Value | | |
Aggregate Intrinsic Value | |
Outstanding, December 31, 2023 | |
| 715,000 | | |
$ | 3.22 | | |
| 8.0 | | |
$ | 1.41 | | |
$ | – | |
Granted | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | |
Exercised | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | |
Cancelled | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | |
Outstanding, June 30, 2024 | |
| 715,000 | | |
$ | 3.22 | | |
| 5.4 | | |
$ | 1.41 | | |
$ | – | |
Exercisable, June 30, 2024 | |
| 476,667 | | |
$ | 3.49 | | |
| 4.5 | | |
$ | 1.37 | | |
$ | – | |
The
table above includes activity for stock options for both FGH and FGF.
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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Related Party Transactions
|
6 Months Ended |
Jun. 30, 2024 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
Note
11. Related Party Transactions
Related
party transactions are carried out in the normal course of operations and are measured in part by the amount of consideration paid
or received, as established and agreed by the parties. Except where disclosed elsewhere in these consolidated financial statements,
the following is a summary of related party transactions.
Joint
Venture Agreement
On
March 31, 2020, the Company entered into the Limited Liability Company Agreement of Fundamental Global Asset Management, LLC (“FGAM”),
a joint venture owned 50% by each of the Company and FG. The purpose of FGAM is to sponsor, capitalize and provide strategic advice to
investment managers in connection with the launch and/or growth of their asset management businesses and the investment products they
sponsor (each, a “Sponsored Fund”).
FGAM
is governed by a Board of Managers consisting of four managers, two of which have been appointed by each Member. The Company has appointed
two of its independent directors to the Board of Managers of FGAM. Certain major actions, including any decision to sponsor a new investment
manager, require the prior consent of both Members.
FG
Special Situations Fund
The
Company participated as a limited partner in the Fund. The general partner of the Fund, and the investment advisor of the Fund, was ultimately
controlled by Mr. Cerminara, the Chairman of the Company’s Board of Directors. Portions of the Company’s investment into
the Fund were used to sponsor the launch of SPACs affiliated with certain of our officers and directors.
The
Fund began the process of winding down in the first quarter of 2023 and completed the process in the second quarter of 2023. As a result
of the winddown, the Company now holds direct limited partner interests in FGAC Investors LLC, FG Merger Investors LLC, and GreenFirst
Forest Products Holdings, LLC. Mr. Cerminara and Mr. Swets serve as managers of FGAC Investors LLC and FG Merger Investors LLC, while
Mr. Cerminara ultimately controls GreenFirst Forest Products Holdings, LLC.
FG
Merchant Partners
FGMP
was formed to co-sponsor newly formed SPACs with their founders or partners. Certain of our directors and officers also hold limited
partner interests in FGMP. Mr. Swets holds a limited partner interest through Itasca Financial LLC, an advisory and investment firm for
which Mr. Swets is managing member. Mr. Cerminara also holds a limited partner interest through Fundamental Global, LLC, a holding company
for which Mr. Cerminara is the manager and one of the members.
FGMP
has invested in the founder shares and warrants of Aldel, FG Merger Corp, FG Acquisition Corp, FGC and Craveworthy. Certain of our directors
and officers are affiliated with these entities.
FG
Communities
In
October of 2022, the Company directly invested $2.0 million into FGC. The Company also holds an interest through its ownership in FGMP.
FGC is a self-managed real estate company focused on a growing portfolio of manufactured housing communities which are owned and operated
by FGC. Mr. Cerminara is the President and the Chairman of the Board of Directors of FGC.
Craveworthy
On
March 16, 2023, the Company invested $200,000 in a senior unsecured loan to Craveworthy, which was amended to a convertible bridge loan
on October 17, 2023. Mr. Swets has an indirect interest in Craveworthy, independent from the interests held by the Company through its
ownership in FGMP.
ThinkMarkets
On
September 29, 2023, the Company invested $250,000
in a convertible promissory note, of which $125,000 has been repaid through June 30, 2024, to support the business combination of
Think Markets and FG Acquisition Corp. Mr. Swets is an executive officer of FG Acquisition Corp.
Shared
Services Agreement
On
March 31, 2020, the Company entered into a Shared Services Agreement (the “Shared Services Agreement”) with Fundamental Global
Management, LLC (“FGM”), an affiliate of FG, pursuant to which FGM provides the Company with certain services related to
the day-to-day management of the Company, including assisting with regulatory compliance, evaluating the Company’s financial and
operational performance, providing a management team to supplement the executive officers of the Company, and such other services consistent
with those customarily performed by executive officers and employees of a public company. In exchange for these services, the Company
pays FGM a fee of $456,000 per quarter (the “Shared Services Fee”), plus reimbursement of expenses incurred by FGM in connection
with the performance of the Services, subject to certain limitations approved by the Company’s Board of Directors or Compensation
Committee from time to time.
The
Shared Services Agreement has an initial term of three years, and thereafter renews automatically for successive one-year terms unless
terminated in accordance with its terms. The Shared Services Agreement may be terminated by FGM or by the Company, by a vote of the Company’s
independent directors, at the end of the initial or automatic renewal term upon 120 days’ notice, subject to payment by the Company
of certain costs incurred by FGM to wind down the provision of services and, in the case of a termination by the Company without cause,
payment of a termination fee equal to the Shared Services Fee paid for the two quarters preceding termination.
The
Company paid $0.5 million and $0.9 million to FGM under the Shared Services Agreement for each of the three months and six months June
30, 2024 and 2023, respectively.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.24.2.u1
Net Earnings Per Share
|
6 Months Ended |
Jun. 30, 2024 |
Basic and diluted net (loss) income per common share: |
|
Net Earnings Per Share |
Note
12. Net Earnings Per Share
Net
earnings per share is computed by dividing net income by the weighted average number of common shares and common share equivalents outstanding
during the periods presented. In calculating diluted earnings per share, those potential common shares that are found to be anti-dilutive
are excluded from the calculation. The table below provides a summary of the numerators and denominators used in determining basic and
diluted earnings per share for the three and six months ended June 30, 2024 and 2023 (in thousands, except per share amounts).
Schedule
of Numerators and Denominators Used in Calculation of Basic and Diluted Earnings Per Share
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Basic and diluted: | |
| | | |
| | | |
| | | |
| | |
Net loss from continuing operations | |
$ | (6,075 | ) | |
$ | (6,284 | ) | |
$ | (11,157 | ) | |
$ | (11,076 | ) |
Net loss attributable to non-controlling interest | |
| 143 | | |
| 118 | | |
| 160 | | |
| 118 | |
Dividends declared on Series A Preferred Shares | |
| (447 | ) | |
| - | | |
| (516 | ) | |
| - | |
Loss attributable to Fundamental Global common shareholders from continuing operations | |
$ | (6,379 | ) | |
$ | (6,166 | ) | |
$ | (11,513 | ) | |
$ | (10,958 | ) |
Weighted average common shares outstanding | |
| 28,518 | | |
| 9,705 | | |
| 22,651 | | |
| 9,564 | |
Loss per common share from continuing operations | |
$ | (0.22 | ) | |
$ | (0.63 | ) | |
$ | (0.51 | ) | |
$ | (1.15 | ) |
The
following potentially dilutive securities outstanding as of June 30, 2024 and 2023 have been excluded from the computation of diluted
weighted-average shares outstanding as their effect would be anti-dilutive.
Schedule
of Potentially Dilutive Securities Excluded from Calculation
| |
As of June 30, | |
| |
2024 | | |
2023 | |
Options to purchase common stock | |
| 715,000 | | |
| 742,000 | |
Restricted stock units | |
| 745,268 | | |
| 596,934 | |
|
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- DefinitionThe entire disclosure for earnings per share.
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Debt
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Debt |
Note
13. Debt
The
Company’s short-term and long-term debt consist of the following (in thousands):
Schedule
of Short-Term and Long-Term Debt
| |
June 30,
2024 | | |
December 31,
2023 | |
Short-term debt: | |
| | | |
| | |
20-year installment loan | |
$ | 2,193 | | |
$ | 2,227 | |
Insurance note payable | |
| 433 | | |
| 83 | |
Total short-term debt | |
| 2,626 | | |
| 2,310 | |
Less: deferred debt issuance costs, net | |
| (12 | ) | |
| (16 | ) |
Total short-term debt, net of issuance costs | |
$ | 2,614 | | |
$ | 2,294 | |
| |
| | | |
| | |
Long-term debt: | |
| | | |
| | |
Tenant improvement loan | |
$ | 108 | | |
$ | 126 | |
ICS promissory note | |
| 329 | | |
| 446 | |
Digital Ignition building loan | |
| - | | |
| 4,925 | |
Total long-term debt | |
$ | 437 | | |
$ | 5,497 | |
Less: deferred debt issuance costs, net | |
| - | | |
| (36 | ) |
Long-term debt, net of deferred debt issuance costs, net | |
$ | 437 | | |
$ | 5,461 | |
Installment
Loan and Revolving Credit Facility
In
January 2023, Strong/MDI and Canadian Imperial Bank of Commerce (“CIBC”) entered into a demand credit agreement (the
“2023 Credit Agreement”), which amended and restated the 2021 Credit Agreement. The 2023 Credit Agreement consists of a
revolving line of credit for up to CAD$5.0
million and a 20-year installment loan for up to CAD$3.1
million. Under the 2023 Credit Agreement: (i)
the amount outstanding under the line of credit is payable on demand and bears interest at the lender’s prime rate plus 1.0%
and (ii) the amount outstanding under the 20-year installment loan bears interest at the lender’s prime rate plus 0.5% and is
payable in monthly installments, including interest, over their respective borrowing periods. The lender may also demand repayment
of the 20-year installment loan at any time. The 2023 Credit Agreement is secured by a lien on Strong/MDI’s Quebec, Canada
facility and substantially all of Strong/MDI’s assets. The 2023 Credit Agreement requires Strong/MDI to maintain a ratio of
liabilities to “effective equity” (tangible stockholders’ equity, less amounts receivable from affiliates and
equity holdings) not exceeding 2.5 to 1 and a fixed charge coverage ratio of not less than 1.1 times earnings before interest,
income taxes, depreciation and amortization. In connection with the IPO, the 20-year installment note did not transfer to the Company. In May 2023, Strong/MDI
and CIBC entered into an amendment to the 2023 Credit Agreement which reduced the amount available under the revolving line of
credit to CAD$3.4 million, and CIBC provided an undertaking to Strong/MDI to a release of CIBC’s security interest in certain
assets to be transferred to a subsidiary in connection with transactions related to the IPO.
On
January 19, 2024, Strong Global Entertainment entered into a new demand credit agreement with CIBC. The agreement consists of a demand
operating credit and a business credit card facility. Under the demand operating credit, with certain conditions, the credit limit is
the lesser of (a) CAD$6.0 million or (b) the sum of (i) 80% of Receivable Value, which includes all North American accounts receivable
of Strong/MDI and STS, and (ii) 50% of Inventory Value, but in no event may the amount in this clause (ii) exceed $1.5 million, minus
(iii) all Priority Claims (as defined in the demand credit agreement). As of June 30, 2024, there was CAD$4.0 million, or approximately
$2.9 million, of principal outstanding on the revolving credit facility, which bears variable interest at 8.2%. Strong Global Entertainment
was in compliance with its debt covenants as of June 30, 2024. The Company has classified the principal outstanding on the revolving
credit facility as part of discontinued operations since the outstanding balance will be transferred as part of the sale of Strong/MDI.
Tenant
Improvement Loan
During
the fourth quarter of 2021, the Company entered into a lease for a combined office and warehouse in Omaha, Nebraska. The Company incurred
total costs of approximately $0.4 million to complete the build-out of the new combined office and warehouse facility. The landlord has
agreed to fund approximately 50% of the build-out costs, and the Company is required to repay the portion funded by the landlord in equal
monthly installments through the end of the initial lease term in February 2027. Through the end of 2021, the Company incurred approximately
$0.2 million of total costs to build out the facility, of which approximately $0.1 million was funded by the landlord. The Company completed
the build-out during the first quarter of 2022 and incurred an additional $0.2 million of total costs to complete the build-out, of which
approximately $0.1 million was funded by the landlord.
Digital
Ignition Building Loan
In
January 2022, the Company purchased a parcel of land with buildings and improvements in Alpharetta, Georgia. In connection with the purchase
of the land and building, the Company entered into a Commercial Loan Agreement (the “Loan Agreement”) with Community First
Bank (the “Lender”), dated February 1, 2022. Pursuant to the Loan Agreement, the Lender agreed to lend the Company approximately
$5.3 million (the “Loan Amount”), and the Borrower agreed to repay the Loan Amount pursuant to the terms of a promissory
note (the “Note”).
The
term of the Loan Agreement runs from February 1, 2022, until the Loan Amount is repaid in full by the Company or the Loan Agreement is
terminated pursuant to its terms or by agreement between the Company and the Lender. The terms of the Note include (i) a fixed interest
rate of 4%, (ii) maturity date of February 1, 2027, (iii) monthly payments of approximately $32 thousand beginning on March 1, 2022,
and continuing on the first of each month until the maturity date or until the Note has been paid in full, (iv) a default interest of
8% in the event of a default pursuant to the terms of the Note, and (v) prepayment penalties of (a) 3% of all excess payments during
the first two years of the term of the Note, (b) 2% of all excess payments during the third and fourth years of the term of the Note,
and (c) 1% of all excess payments made during the fifth year of the term of the Note.
The
Note includes standard events of default and references defaults under the Loan Agreement and the Deed to Secure Debt as events of default
under the Note. The Company has a right to cure any curable events of default.
In
April 2024, the Company closed the sale of the Digital Ignition Building and the Digital Ignition Building Loan was repaid in full.
ICS
Promissory Note
STS
issued a $0.5 million promissory note in connection with the acquisition of Innovative Cinema Solutions (“ICS”). The promissory
note will be repaid in monthly installments of approximately $20,000 through November 2025 and bears fixed interest of 5%.
Insurance
Note
The
Company maintains certain commercial insurance policies, including management liability and other policies customarily held by publicly
traded companies. The Company elected to finance a portion of the annual premium, which will be repaid in monthly installments through
April 2025. The finance agreement bears fixed interest of approximately 9.7%.
Contractual
Principal Payments
Contractual
required principal payments on the Company’s long-term debt at June 30, 2024 are as follows (in thousands):
Schedule of Contractual Principal Payments
| |
Tenant Improvement Loan | | |
ICS Promissory Note | | |
Total | |
Remainder of 2024 | |
$ | 19 | | |
$ | 116 | | |
$ | 135 | |
2025 | |
| 40 | | |
| 213 | | |
| 253 | |
2026 | |
| 42 | | |
| - | | |
| 42 | |
2027 | |
| 7 | | |
| - | | |
| 7 | |
Total | |
$ | 108 | | |
$ | 329 | | |
$ | 437 | |
|
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v3.24.2.u1
Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note
14. Commitments and Contingencies
Legal
Proceedings:
From
time to time, we are involved in legal proceedings and litigation arising in the ordinary course of business. Currently, it is not possible
to predict legal outcomes and their impact on the future development of claims. Any such development will be affected by future court
decisions and interpretations. Because of these uncertainties, additional liabilities may arise for amounts in excess of the Company’s
current reserves.
The
Company is named as a defendant in personal injury lawsuits based on alleged exposure to asbestos-containing materials. A majority of
the cases involve product liability claims based principally on allegations of past distribution of commercial lighting products containing
wiring that may have contained asbestos. Each case names dozens of corporate defendants in addition to the Company. In the Company’s
experience, a large percentage of these types of claims have never been substantiated and have been dismissed by the courts. The Company
has not suffered any adverse verdict in a trial court proceeding related to asbestos claims and intends to continue to defend these lawsuits.
As of June 30, 2024, the Company has a loss contingency reserve of approximately $0.2 million, of which $0.1 million represents future
payments on a settled case and the remaining $0.1 million represents management’s estimate of its potential losses related to the
settlement of open cases. When appropriate, the Company may settle additional claims in the future. Management does not expect the resolution
of these cases to have a material adverse effect on the Company’s condensed consolidated financial condition, results of operations
or cash flows.
On
April 29, 2024, Ravenwood-Productions LLC (“Ravenwood”) and Kevin V. Duncan (“Duncan” and, together with Ravenwood,
the “Plaintiffs”) filed a civil complaint (the “Complaint”) against Strong Global Entertainment, certain affiliated
entities, and certain current and former employees, officers and directors of the Strong Global Entertainment (collectively, the “Defendants”)
in the United States District Court for the Central District of California. The Complaint claimed seven causes of action, each claim
against some, or all, of the Defendants. In July 2024, Strong Global Entertainment entered into an agreement resulting in the settlement
and dismissal of the Complaint. In connection with the settlement and dismissal, Strong Global Entertainment did not make any cash payments
to the Plaintiffs. In addition, Strong Global Entertainment maintained a right to receive distributions to recover its investment and
to participate in series profits (if any).
On July 16, 2024, the Company received notice that its was named as a defendant, along with over 500 other companies, in a
civil action filed for cost recovery and contributions related to the release and/or threatened
release of hazardous substances from a facility known as the BKK Class 1 Landfill in Los Angeles County California from periods prior
to 1987. The action alleges that FGH is a successor to Pichel Industries, Inc. (“Pichel Industries”) and that Pichel Industries
contributed waste to the landfill. Management of FG is in the early stages of evaluating the claim and determining its response.
|
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v3.24.2.u1
Leases
|
6 Months Ended |
Jun. 30, 2024 |
Leases [Abstract] |
|
Leases |
Note
15. Leases
The
following tables present the Company’s lease costs and other lease information (dollars in thousands):
Schedule of Lease Cost
Lease cost | |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
| |
Three Months Ended | | |
Six Months Ended | |
Lease cost | |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
Finance lease cost: | |
| | | |
| | | |
| | | |
| | |
Amortization of right-of-use assets | |
$ | 65 | | |
$ | 37 | | |
$ | 130 | | |
$ | 70 | |
Interest on lease liabilities | |
| 26 | | |
| 15 | | |
| 54 | | |
| 27 | |
Operating lease cost | |
| 68 | | |
| 23 | | |
| 150 | | |
| 57 | |
Net lease cost | |
$ | 159 | | |
$ | 75 | | |
$ | 334 | | |
$ | 154 | |
| |
| | | |
| | | |
| | | |
| | |
Schedule of Other Information on Lease
Other information | |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
| |
Three Months Ended | | |
Six Months Ended | |
Other information | |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
Cash paid for amounts included in the measurement of lease liabilities: | |
| | | |
| | | |
| | | |
| | |
Operating cash flows from finance leases | |
$ | 26 | | |
$ | 15 | | |
$ | 54 | | |
$ | 27 | |
Operating cash flows from operating leases | |
$ | 65 | | |
$ | 33 | | |
$ | 130 | | |
$ | 65 | |
Financing cash flows from finance leases | |
$ | 62 | | |
$ | 38 | | |
$ | 127 | | |
$ | 66 | |
| |
As of June 30,
2024 | |
Weighted-average remaining lease term - finance leases (years) | |
| 1.9 | |
Weighted-average remaining lease term - operating leases (years) | |
| 2.0 | |
Weighted-average discount rate - finance leases | |
| 9.3 | % |
Weighted-average discount rate - operating leases | |
| 5.1 | % |
The
following table presents a maturity analysis of the Company’s operating and finance lease liabilities as of June 30, 2024 (in thousands):
Schedule of Maturity Analysis of Operating and Finance Lease Liabilities
| |
Operating Leases | | |
Finance Leases | |
Remainder of 2024 | |
$ | 110 | | |
$ | 176 | |
2025 | |
| 152 | | |
| 600 | |
2026 | |
| 81 | | |
| 468 | |
2027 | |
| 14 | | |
| - | |
Total lease payments | |
| 357 | | |
| 1,244 | |
Less: Amount representing interest | |
| (19 | ) | |
| (144 | ) |
Lease obligations | |
$ | 338 | | |
$ | 1,100 | |
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v3.24.2.u1
Segment Reporting
|
6 Months Ended |
Jun. 30, 2024 |
Segment Reporting [Abstract] |
|
Segment Reporting |
Note 16. Segment Reporting
The
Company has three operating segments—insurance, asset management and Strong Global Entertainment. The chief operating decision
maker (“CODM”) is the Company’s Chief Executive Officer. The measure of profit or loss used by the CODM to identify
and measure the Company’s reportable segments is income before income tax. Our insurance segment consists of the operations of
our Cayman Islands-based reinsurance subsidiary, FGRe, as well as the returns associated with the investments made by our reinsurance
operations. Our asset management segment includes our holdings made outside of reinsurance operations. Our Strong Global Entertainment
segment includes Strong/MDI, which is a leading premium screen and projection coatings supplier in the world, and STS, which provides
comprehensive managed service offerings with 24/7/365 support nationwide to ensure solution uptime and availability.
The
following table presents the financial information for each segment that is specifically identifiable or based on allocations using internal
methodology as of and for the three and six months ended June 30, 2024 and 2023. The ‘other’ category in the table below
consists largely of corporate general and administrative expenses which have not been allocated to a specific segment.
Summary
of Segment Reporting
| |
Insurance | | |
Asset Management | | |
Strong Global Entertainment | | |
Other | | |
Total | |
| |
Three Months Ended June 30, 2024 | |
| |
Insurance | | |
Asset Management | | |
Strong Global Entertainment | | |
Other | | |
Total | |
Net premiums earned | |
$ | 3,697 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 3,697 | |
Net investment income | |
| (365 | ) | |
| (3,646 | ) | |
| - | | |
| - | | |
| (4,011 | ) |
Product sales | |
| - | | |
| - | | |
| 4,782 | | |
| - | | |
| 4,782 | |
Services revenue | |
| - | | |
| - | | |
| 3,339 | | |
| 67 | | |
| 3,406 | |
Total revenue | |
$ | 3,332 | | |
$ | (3,646 | ) | |
$ | 8,121 | | |
$ | 67 | | |
$ | 7,874 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Three Months Ended June 30, 2023 | |
| |
Insurance | | |
Asset Management | | |
Strong Global Entertainment | | |
Other | | |
Total | |
Net premiums earned | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
Net investment income | |
| - | | |
| (3,690 | ) | |
| - | | |
| - | | |
| (3,690 | ) |
Product sales | |
| - | | |
| - | | |
| 3,794 | | |
| - | | |
| 3,794 | |
Services revenue | |
| - | | |
| - | | |
| 3,049 | | |
| 183 | | |
| 3,232 | |
Total revenue | |
$ | - | | |
$ | (3,690 | ) | |
$ | 6,843 | | |
$ | 183 | | |
$ | 3,336 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Six Months Ended June 30, 2024 | |
| |
Insurance | | |
Asset Management | | |
Strong Global Entertainment | | |
Other | | |
Total | |
Net premiums earned | |
$ | 4,472 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 4,472 | |
Net investment income | |
| (819 | ) | |
| (6,592 | ) | |
| - | | |
| - | | |
| (7,411 | ) |
Product sales | |
| - | | |
| - | | |
| 9,417 | | |
| - | | |
| 9,417 | |
Services revenue | |
| - | | |
| - | | |
| 6,387 | | |
| 264 | | |
| 6,651 | |
Total revenue | |
$ | 3,653 | | |
$ | (6,592 | ) | |
$ | 15,804 | | |
$ | 264 | | |
$ | 13,129 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Six Months Ended June 30, 2023 | |
| |
Insurance | | |
Asset Management | | |
Strong Global Entertainment | | |
Other | | |
Total | |
Net premiums earned | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
Net investment income | |
| - | | |
| (7,232 | ) | |
| - | | |
| - | | |
| (7,232 | ) |
Product sales | |
| - | | |
| - | | |
| 7,564 | | |
| - | | |
| 7,564 | |
Services revenue | |
| - | | |
| - | | |
| 5,796 | | |
| 341 | | |
| 6,137 | |
Total revenue | |
$ | - | | |
$ | (7,232 | ) | |
$ | 13,360 | | |
$ | 341 | | |
$ | 6,469 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| June 30, 2024 | |
| |
| Insurance | | |
| Asset Management | | |
| Strong Global Entertainment | | |
| Other | | |
| Total | |
Segment assets | |
$ | 38,977 | | |
$ | 32,857 | | |
$ | 12,505 | | |
$ | 14,065 | | |
$ | 98,404 | |
The
following tables disaggregate the Company’s product sales and services revenue by major source for the three and six months ended
June 30, 2024 and 2023 (in thousands):
Schedule Disaggregate Product Sales and Services Revenue
| |
Strong Entertainment | | |
Other | | |
Total | | |
Strong Entertainment | | |
Other | | |
Total | |
| |
Three Months Ended June 30, 2024 | | |
Three Months Ended June 30, 2023 | |
| |
Strong Entertainment | | |
Other | | |
Total | | |
Strong Entertainment | | |
Other | | |
Total | |
Screen system sales | |
$ | 63 | | |
$ | - | | |
$ | 63 | | |
$ | 52 | | |
$ | - | | |
$ | 52 | |
Digital equipment sales | |
| 4,356 | | |
| - | | |
| 4,356 | | |
| 3,537 | | |
| - | | |
| 3,537 | |
Extended warranty sales | |
| 30 | | |
| - | | |
| 30 | | |
| 49 | | |
| - | | |
| 49 | |
Other product sales | |
| 333 | | |
| - | | |
| 333 | | |
| 156 | | |
| - | | |
| 156 | |
Total product sales | |
| 4,782 | | |
| - | | |
| 4,782 | | |
| 3,794 | | |
| - | | |
| 3,794 | |
Field maintenance and monitoring services | |
| 1,896 | | |
| - | | |
| 1,896 | | |
| 1,912 | | |
| - | | |
| 1,912 | |
Installation services | |
| 1,236 | | |
| - | | |
| 1,236 | | |
| 1,038 | | |
| - | | |
| 1,038 | |
Other service revenues | |
| 207 | | |
| 67 | | |
| 274 | | |
| 99 | | |
| 183 | | |
| 282 | |
Total service revenues | |
| 3,339 | | |
| 67 | | |
| 3,406 | | |
| 3,049 | | |
| 183 | | |
| 3,232 | |
Total | |
$ | 8,121 | | |
$ | 67 | | |
$ | 8,188 | | |
$ | 6,843 | | |
$ | 183 | | |
$ | 7,026 | |
| |
Strong Entertainment | | |
Other | | |
Total | | |
Strong Entertainment | | |
Other | | |
Total | |
| |
Six Months Ended June 30, 2024 | | |
Six Months Ended June 30, 2023 | |
| |
Strong Entertainment | | |
Other | | |
Total | | |
Strong Entertainment | | |
Other | | |
Total | |
Screen system sales | |
$ | 103 | | |
$ | - | | |
$ | 103 | | |
$ | 123 | | |
$ | - | | |
$ | 123 | |
Digital equipment sales | |
| 8,594 | | |
| - | | |
| 8,594 | | |
| 7,063 | | |
| - | | |
| 7,063 | |
Extended warranty sales | |
| 87 | | |
| - | | |
| 87 | | |
| 100 | | |
| - | | |
| 100 | |
Other product sales | |
| 633 | | |
| - | | |
| 633 | | |
| 278 | | |
| - | | |
| 278 | |
Total product sales | |
| 9,417 | | |
| - | | |
| 9,417 | | |
| 7,564 | | |
| - | | |
| 7,564 | |
Field maintenance and monitoring services | |
| 3,806 | | |
| - | | |
| 3,806 | | |
| 3,803 | | |
| - | | |
| 3,803 | |
Installation services | |
| 2,172 | | |
| - | | |
| 2,172 | | |
| 1,840 | | |
| - | | |
| 1,840 | |
Other service revenues | |
| 409 | | |
| 264 | | |
| 673 | | |
| 153 | | |
| 341 | | |
| 494 | |
Total service revenues | |
| 6,387 | | |
| 264 | | |
| 6,651 | | |
| 5,796 | | |
| 341 | | |
| 6,137 | |
Total | |
$ | 15,804 | | |
$ | 264 | | |
$ | 16,068 | | |
$ | 13,360 | | |
$ | 341 | | |
$ | 13,701 | |
The
following tables disaggregate the Company’s revenue by the timing of transfer of goods or services to the customer for the three
and six months ended June 30, 2024 and June 30, 2023 (in thousands):
Schedule Disaggregate Revenue by the Timing of Transfer of Goods or Services
| |
Strong Entertainment | | |
Other | | |
Total | | |
Strong Entertainment | | |
Other | | |
Total | |
| |
Three Months Ended June 30, 2024 | | |
Three Months Ended June 30, 2023 | |
| |
Strong Entertainment | | |
Other | | |
Total | | |
Strong Entertainment | | |
Other | | |
Total | |
Point in time | |
$ | 6,527 | | |
$ | - | | |
$ | 6,527 | | |
$ | 5,316 | | |
$ | 34 | | |
$ | 5,350 | |
Over time | |
| 1,594 | | |
| 67 | | |
| 1,661 | | |
| 1,527 | | |
| 149 | | |
| 1,676 | |
Total | |
$ | 8,121 | | |
$ | 67 | | |
$ | 8,188 | | |
$ | 6,843 | | |
$ | 183 | | |
$ | 7,026 | |
| |
Strong Entertainment | | |
Other | | |
Total | | |
Strong Entertainment | | |
Other | | |
Total | |
| |
Six Months Ended June 30, 2024 | | |
Six Months Ended June 30, 2023 | |
| |
Strong Entertainment | | |
Other | | |
Total | | |
Strong Entertainment | | |
Other | | |
Total | |
Point in time | |
$ | 12,613 | | |
$ | 2 | | |
$ | 12,615 | | |
$ | 10,312 | | |
$ | 48 | | |
$ | 10,360 | |
Over time | |
| 3,191 | | |
| 262 | | |
| 3,453 | | |
| 3,048 | | |
| 293 | | |
| 3,341 | |
Total | |
$ | 15,804 | | |
$ | 264 | | |
$ | 16,068 | | |
$ | 13,360 | | |
$ | 341 | | |
$ | 13,701 | |
At
June 30, 2024, the unearned revenue amount associated with maintenance and monitoring services and extended warranty sales in which the
Company is the primary obligor was $0.4 million. The Company expects to recognize $0.4 million of unearned revenue amounts during the
remainder of 2024 and immaterial amounts during 2025-2026.
The
following tables summarize the Company’s products and services revenue by geographic area for the three and six months ended June
30, 2024 and 2023 (in thousands):
Schedule of Products and Services Revenue by Geographic Area
| |
Three Months Ended June 30, 2024 | | |
Three Months Ended June 30, 2023 | | |
Six Months Ended June 30, 2024 | | |
Six Months Ended June 30, 2023 | |
United States | |
$ | 8,022 | | |
$ | 6,904 | | |
$ | 15,750 | | |
$ | 13,480 | |
Canada | |
| 12 | | |
| 10 | | |
| 19 | | |
| 10 | |
Europe | |
| 140 | | |
| 75 | | |
| 266 | | |
| 137 | |
Asia | |
| - | | |
| - | | |
| 3 | | |
| - | |
Other | |
| 14 | | |
| 37 | | |
| 30 | | |
| 74 | |
Total | |
$ | 8,188 | | |
$ | 7,026 | | |
$ | 16,068 | | |
$ | 13,701 | |
Total revenue | |
$ | 8,188 | | |
$ | 7,026 | | |
$ | 16,068 | | |
$ | 13,701 | |
|
X |
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.24.2.u1
Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
condensed consolidated financial statements include the accounts of the Company and all majority-owned and controlled domestic and foreign
subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Unless the context indicates
otherwise, references to the “Company” include the Company and its majority-owned and controlled domestic and foreign subsidiaries.
The
condensed consolidated financial statements included in this report are presented in accordance with the requirements of Form 10-Q and
consequently do not include all of the disclosures normally required by accounting principles generally accepted in the United States
of America (also referred to as “GAAP”) for annual reporting purposes or those made in the Company’s Annual Report
on Form 10-K. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements
and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
As
a result of the reverse merger of FGF and FGH (see Note 3), the condensed consolidated financial statements for the periods prior to
the merger represent the results of FGH, as the accounting acquirer. For periods subsequent to the merger, the condensed
consolidated financial statements represent the combined results of FGH and FGF. In addition, the current and historical
financial results of Strong Studios and Strong/MDI, Inc are presented as discontinued operations and are excluded from results from
continuing operations in the accompanying condensed consolidated financial statements.
The
condensed consolidated balance sheet as of December 31, 2023, was derived from the Company’s audited consolidated balance sheet
as of that date. All other condensed consolidated financial statements contained herein are unaudited and, in the opinion of management,
reflect all adjustments of a normal recurring nature necessary to present a fair statement of the financial position and the results
of operations and cash flows for the respective interim periods. Certain prior period balances have been reclassified to conform to current
period presentation. The results for interim periods are not necessarily indicative of trends or results expected for a full year.
See
Note 3 for additional information regarding the Merger of FGF and FGH and the resulting accounting for the reverse acquisition.
Unless
otherwise indicated, all references to “dollars” and “$” in this Quarterly Report on Form 10-Q are to, and amounts
are presented in, U.S. dollars
|
Use of Management Estimates |
Use
of Management Estimates
The
preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results and changes in facts and circumstances
may alter such estimates and affect results of operations and financial position in future periods. 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.
|
Consolidation Policies |
Consolidation
Policies
The
accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany
balances and transactions have been eliminated upon consolidation.
The
consolidated financial statements include the accounts of the Company and entities in which it is required to consolidate under either
the Variable Interest Entity (“VIE”) or Voting Interest Entity (“VOE”) models. Both models require the reporting
entity to identify whether it has a controlling financial interest in a legal entity and is therefore required to consolidate the legal
entity. Under the VOE model, a reporting entity with ownership of a majority of the voting interest of a legal entity is generally considered
to have a controlling financial interest. The VIE model was established for situations in which control may be demonstrated other than
by the possession of voting rights in a legal entity and instead focuses on the power to direct the activities that most significantly
impact the legal entity’s economic performance, as well as the rights to receive benefits and obligations to absorb losses that
could potentially be significant to the legal entity.
The
determination of whether a legal entity is consolidated under either model is reassessed where there is a substantive change in the
governing documents or contractual arrangements of the entity, to the capital structure of the entity or in the activities of the
entity. Management continuously reassesses whether it should consolidate under either model.
The
Company’s risk of loss associated with its non-consolidated VIEs is limited. As of June 30, 2024 the carrying value and maximum
loss exposure of the Company’s non-consolidated VIE’s was $16.4
million.
See
Note 5 for further information regarding the Company’s investments.
|
Investments in Equity Securities and Other Investments |
Investments
in Equity Securities and Other Investments
Investments
in equity securities other than those accounted for using the equity method and those without readily determinable fair value, are
carried at fair value with subsequent changes in fair value recorded to the condensed consolidated statements of operations as a
component of net investment income.
Other
investments consist, in part, of equity investments made in privately held companies accounted for under the equity method. We utilize
the equity method to account for investments when we possess the ability to exercise significant influence, but not control, over the
operating and financial policies of the investee. The ability to exercise significant influence is presumed when the investor possesses
more than 20% of the voting interests of the investee. This presumption may be overcome based on specific facts and circumstances that
demonstrate that the ability to exercise significant influence is restricted. We apply the equity method to investments in common stock
and to other investments when such other investments possess substantially identical subordinated interests to common stock.
In
applying the equity method, we record the investment at cost and subsequently increase or decrease the carrying amount of the investment
by our proportionate share of the net earnings or losses and other comprehensive income of the investee. We record dividends or other
equity distributions as reductions in the carrying value of the investment. Should net losses of the investee reduce the carrying amount
of the investment to zero, additional net losses may be recorded if other investments in the investee are at-risk, even if we have not
committed to provide financial support to the investee. Such additional equity method losses, if any, are based upon the change in our
claim on the investee’s book value.
When
we receive distributions from our equity method investments, we utilize the cumulative earnings approach. When classifying the related
cash flows under this approach, the Company compares the cumulative distributions received, less distributions received in prior periods,
with the Company’s cumulative equity in earnings. Cumulative distributions that do not exceed cumulative equity in earnings represent
returns on investment and are classified as cash inflows from operating activities. Cumulative distributions in excess of cumulative
equity in earnings represent returns on investment and are classified as cash inflows from investing activities.
In
addition to investments accounted for under the equity method of accounting, other investments also consist of equity we have purchased
in a limited partnership, a limited liability company, and a corporation for which there does not exist a readily determinable fair value.
The Company accounts for these investments at their cost, minus impairment, if any, plus or minus changes resulting from observable price
changes in orderly transactions for identical or similar investments by the same issuer. When the Company observes an orderly transaction
of an investee’s identical or similar equity securities, the Company adjusts the carrying value based on the observable price as
of the transaction date. Once the Company records such an adjustment, the investment is considered an asset measured at fair value on
a nonrecurring basis. Any profit distributions the Company receives on these investments are included in net investment income.
See
Note 5 for additional information regarding the Company’s investments.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
Cash
and cash equivalents include cash and short-term, highly liquid financial instruments with original maturities of 90 days or less.
Pursuant
to the Company’s insurance license, the Authority has required that FGRe hold a minimum capital requirement of $200,000 in cash
in a bank in the Cayman Islands which holds an “A” license issued under the Banks and Trust Companies Act (2020 Revision).
|
Income Taxes |
Income
Taxes
The
Company follows the asset and liability method of accounting for income taxes, whereby deferred income tax assets and liabilities are
recognized for (i) the differences between the financial statement carrying amount of existing assets and liabilities and their respective
tax bases and (ii) loss and tax credit carry-forwards. Deferred income tax assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect
on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment.
Future tax benefits are recognized to the extent that realization of such benefits is more likely than not and a valuation allowance
is established for any portion of a deferred tax asset that management believes will not be realized. Current federal income taxes are
charged or credited to operations based upon amounts estimated to be payable or recoverable as a result of taxable operations for the
current year. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense (benefit).
|
Concentration of Credit Risk |
Concentration
of Credit Risk
Financial
instruments which potentially expose the Company to concentrations of credit risk include investments, cash, accounts receivable 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 $250,000. As of June 30, 2024, 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. The Company sells its products to a large number of customers in many different geographic
regions. To minimize credit risk related to accounts receivable, the Company performs ongoing credit evaluations of its customers’
financial condition.
The
Company’s top ten customers accounted for approximately 45% and 44% of consolidated products and services revenues during the three
and six months ended June 30, 2024, respectively. Trade accounts receivable from these customers represented approximately 61% of net
consolidated receivables at June 30, 2024. One of the Company’s customers accounted for more than 10% of both its consolidated
net revenues during the six months ended June 30, 2024 and its net consolidated receivables as of June 30, 2024. While Management believes
its relationships with such customers are stable, most arrangements are made by purchase order and are terminable at will by either party.
A significant decrease or interruption in business from the Company’s significant customers could have a material adverse effect
on the Company’s business, financial condition and results of operations. The Company could also be adversely affected by such
factors as changes in foreign currency rates and weak economic and political conditions in each of the countries in which the Company
sells its products and offers its services.
|
Revenue Recognition for Products and Services |
Revenue
Recognition for Products and Services
The
Company accounts for revenue using the following steps:
|
● |
Identify
the contract, or contracts, with a customer; |
|
● |
Identify
the performance obligations in the contract; |
|
● |
Determine
the transaction price; |
|
● |
Allocate
the transaction price to the identified performance obligations; and |
|
● |
Recognize
revenue when, or as, the Company satisfies the performance obligations. |
The
Company combines contracts with the same customer into a single contract for accounting purposes when the contracts are entered into
at or near the same time and the contracts are negotiated as a single commercial package, consideration in one contract depends on the
other contract, or the services are considered a single performance obligation. If an arrangement involves multiple performance obligations,
the items are analyzed to determine the separate units of accounting, whether the items have value on a standalone basis and whether
there is objective and reliable evidence of their standalone selling price. The total contract transaction price is allocated to the
identified performance obligations based upon the relative standalone selling prices of the performance obligations. The standalone selling
price is based on an observable price for services sold to other comparable customers, when available, or an estimated selling price
using a cost plus margin approach. Management estimates the amount of total contract consideration the Company expects to receive for
variable arrangements by determining the most likely amount we expect to earn from the arrangement based on the expected quantities of
services the Company expects to provide and the contractual pricing based on those quantities. The Company only includes some or a portion
of variable consideration in the transaction price when it is probable that a significant reversal in the amount of cumulative revenue
recognized will not occur or when the uncertainty associated with the variable consideration is subsequently resolved. Management considers
the sensitivity of the estimate, the Company’s relationship and experience with the client and variable services being performed,
the range of possible revenue amounts and the magnitude of the variable consideration to the overall arrangement.
As
discussed in more detail below, revenue is recognized when a customer obtains control of promised goods or services under the terms of
a contract and is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing
services. The Company typically does not have any material extended payment terms, as payment is due at or shortly after the time of
the sale. Sales, value-added and other taxes collected concurrently with revenue producing activities are excluded from revenue.
The
Company recognizes contract assets or unbilled receivables related to revenue recognized for services completed but not yet invoiced
to the clients. Unbilled receivables are recorded as accounts receivable when we have an unconditional right to contract consideration.
A contract liability is recognized as deferred revenue when we invoice clients, or receive cash, in advance of performing the related
services under the terms of a contract. Deferred revenue is recognized as revenue when we have satisfied the related performance obligation.
The
Company defers costs to acquire contracts, including commissions, incentives and payroll taxes, if they are incremental and recoverable
costs of obtaining a customer contract with a term exceeding one year. Deferred contract costs are reported within other assets and amortized
to selling expense over the contract term, which generally ranges from one to five years. The Company has elected to recognize the incremental
costs of obtaining a contract with a term of less than one year as a selling expense when incurred. The Company did not have any deferred
contract costs as of June 30, 2024 or December 31, 2023.
|
Premium Revenue Recognition |
Premium
Revenue Recognition
The
Company participates in quota-share contracts and estimates the ultimate premiums for the contract period. These estimates are based
on information received from the ceding companies, whereby premiums are recorded as written in the same periods in which the underlying
insurance contracts are written and are based on cession statements from cedents. These statements are received quarterly and in arrears,
and thus, for any reporting lag, premiums written are estimated based on the portion of the ultimate estimated premiums relating to the
risks underwritten during the lag period.
Premium
estimates are reviewed by management periodically. Such review includes a comparison of actual reported premiums to expected premiums.
Based on management’s review, the appropriateness of the premium estimates is evaluated, and any adjustments to these estimates
are recorded in the period in which they are determined. Changes in premium estimates, including premiums receivable, are not unusual
and may result in significant adjustments in any period. A significant portion of amounts included in the caption “Reinsurance
balances receivable” in the Company’s consolidated balance sheets represents estimated premiums written, net of commissions,
brokerage, and loss and loss adjustment expense, and are not currently due based on the terms of the underlying contracts. Additional
premiums due on a contract that has no remaining coverage period are earned in full when written.
Premiums
written are generally recognized as earned over the contract period in proportion to the risk covered. Unearned premiums represent the
unexpired portion of reinsurance provided.
|
Current Expected Credit Loss |
Current
Expected Credit Loss
In
the first quarter of 2023, the Company adopted ASU 2016-13, as amended, Financial Instruments – Credit Losses (“ASU 2016-13”),
which requires an entity to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from
the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset.
The
financial assets included in the caption “Reinsurance balances recoverable” in the Company’s consolidated balance sheets
are carried at amortized cost and therefore affected by ASU 2016-13. Management calculates an allowance for expected credit losses for
its reinsurance balances receivable by applying a Probability of Default / Loss Given Default model. The model considers both the external
collectability history as well as external loss history. The external loss history that Management utilizes includes a long-term probability
of liquidation study specific to insurance companies. Additionally, the life of each of the Company’s reinsurance treaties is also
considered as the probability of default is calculated over the contractual length of the reinsurance contracts. The credit worthiness
of a counterparty is evaluated by considering the credit ratings assigned by independent agencies and individually evaluating all the
counterparties. The Company updates the model each quarter and adjusts the balance accordingly. There was no change to the allowance
during the second quarter of 2024.
In
the first quarter of 2023, the Company allocated $200,000 into a promissory note. The promissory note is carried at amortized cost on
the Company’s consolidated balance sheet under the caption “other investments.” Due to being held at amortized cost,
the promissory note falls into the scope of ASU 2016-13. Due to immateriality, the Company does not have a current expected credit allowance
against the promissory note.
Trade
accounts receivable are recorded at the invoiced amount and do not bear interest. The Company determines the allowance for credit losses
based on several factors, including overall customer credit quality, historical write-off experience and a specific analysis that projects
the ultimate collectability of the account. As such, these factors may change over time causing the allowance level and bad debt expense
to be adjusted accordingly. Past due accounts are written off when our efforts have been unsuccessful in collecting amounts due.
|
Deferred Policy Acquisition Costs |
Deferred
Policy Acquisition Costs
Policy
acquisition costs are costs that vary with, and are directly related to, the successful production of new and renewal of reinsurance
contracts, and consist principally of commissions, taxes and brokerage expenses. If the sum of a contract’s expected losses and
loss expenses and deferred acquisition costs exceeds associated unearned premiums and expected investment income, a premium deficiency
is determined to exist. In this event, deferred acquisition costs are written off to the extent necessary to eliminate the premium deficiency.
If the premium deficiency exceeds deferred acquisition costs then a liability is accrued for the excess deficiency. There were no premium
deficiency adjustments recognized during the periods presented herein.
|
Funds Deposited for Benefit of Reinsured Companies |
Funds
Deposited for Benefit of Reinsured Companies
“Funds
Deposited with Reinsured Companies” on the Company’s consolidated balance sheets includes amounts held to support our reinsurance
contracts. As of June 30, 2024, the total cash collateral posted to support all of our reinsurance treaties
was approximately $8.1 million.
|
Loss and Loss Adjustment Expense Reserves |
Loss
and Loss Adjustment Expense Reserves
The
Company maintains reserves equal to our estimated ultimate liability for losses and loss adjustment expense for reported and unreported
claims from our reinsurance business. Loss and loss adjustment reserve estimates are based primarily on estimates derived from reports
the Company has received from ceding companies. The Company then uses a variety of statistical and actuarial techniques to monitor reserve
adequacy. When setting reserves, the Company considers many factors including: (1) the types of exposures and projected ultimate premium
to be written by our cedants; (2) expected loss ratios by type of business; (3) actuarial methodologies which analyze loss reporting
and payment experience, reports from ceding companies and historical trends; and (4) general economic conditions. The Company also engages
independent actuarial specialists, at least annually, to assist management in establishing appropriate reserves. Since reserves are estimates,
the final settlement of losses may vary from the reserves established, and any adjustments to the estimates, which may be material, are
recorded in the period they are determined. The final settlement of losses may vary, perhaps materially, from the reserves recorded.
U.S.
GAAP does not permit establishing loss reserves, which include case reserves and IBNR loss reserves, until the occurrence of an event
which may give rise to a claim. As a result, only loss reserves applicable to losses incurred up to the reporting date are established,
with no allowance for the establishment of loss reserves to account for expected future loss events.
Generally,
the Company obtains regular updates of premium and loss related information for the current and historical periods, which are utilized
by the Company to update the initial expected loss ratio. These reports from cedants have varying due dates and may be received between
thirty to ninety days after period end. We experience a lag between (i) claims being reported by the underlying insured to the Company’s
cedent and (ii) claims being reported by the Company’s cedent to the Company. This lag may impact the Company’s loss reserve
estimates.. The timing of the reporting requirements is designed so that the Company receives premium and loss information as soon as
practicable once the client has closed its books. Accordingly, there is generally a lag of one-to-three-month in such reporting. Most
of the contracts that have the potential for large single event losses have provisions that such loss notifications are provided to the
Company immediately upon the occurrence of an event.
|
Stock-Based Compensation |
Stock-Based
Compensation
The
Company has accounted for stock-based compensation under the provisions of ASC Topic 718 – Stock Compensation, which requires
the use of the fair-value based method to determine compensation for all arrangements under which employees and others receive shares
of stock or equity instruments. The fair value of each stock option award is estimated on the date of grant using the Black-Scholes valuation
model using assumptions for expected volatility, expected dividends, expected term, and the risk-free interest rate along with multiple
Monte Carlo simulations to determine a derived service period as the options vest based upon meeting certain performance conditions.
The fair value of each stock option award is recorded as compensation expense on a straight-line basis over the requisite service period,
which is generally the period in which the stock options vest, with a corresponding increase to additional paid-in capital.
The
Company has also issued restricted stock units (“RSUs”) to certain of its employees and directors which have been accounted
for as equity-based awards since, upon vesting, they are required to be settled in the Company’s common shares. We have used the
fair value of the Company’s common stock on the date the RSUs were issued to estimate the grant date fair value of those RSUs which
vest solely based upon the passage of time. The fair value of each RSU is recorded as compensation expense over the requisite service
period, which is generally the expected period over which the awards will vest.
Based
upon the Company’s historical forfeiture rates relating to stock options and RSUs, the Company has not made any adjustment to stock
compensation expense for expected forfeitures as of June 30, 2024.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
The
carrying values of certain financial instruments, including cash, short-term investments, deposits held, accounts payable, and other
accrued expenses, approximate fair value due to their short-term nature. The Company measures the fair value of financial instruments
in accordance with GAAP which defines fair value as the exchange price that would be received for an asset (or paid to transfer a liability)
in the principal or most advantageous market for the asset (or liability) in an orderly transaction between market participants on the
measurement date. GAAP also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and
minimize the use of unobservable inputs when measuring fair value. The Company’s short-term debt is recorded at historical cost.
The carrying values of all other financial assets and liabilities, including accounts receivable, accounts payable, and short-term debt
reported in the condensed consolidated balance sheets equal or approximate their fair values due to the short-term nature of these instruments.
See Note 5 for further information on the fair value of the Company’s financial instruments.
|
Leases |
Leases
The
Company and its subsidiaries lease plant and office facilities and equipment under operating and finance leases expiring through 2027.
The Company determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease
if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over
the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the
use of the asset and (b) the right to direct the use of the asset.
Right-of-use
assets and liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at commencement
date. Certain of the leases contain extension options; however, the Company has not included such options as part of its right-of-use
assets and lease liabilities because it does not expect to extend the leases. The Company measures and records a right-of-use asset and
lease liability based on the discount rate implicit in the lease, if known. In cases where the discount rate implicit in the lease is
not known, the Company measures the right-of-use assets and lease liabilities using a discount rate equal to the Company’s estimated
incremental borrowing rate for loans with similar collateral and duration.
The
Company elected to not apply the recognition requirements of Accounting Standards Codification Topic 842, “Leases,” to leases
of all classes of underlying assets that, at the commencement date, have a lease term of 12 months or less and do not include an option
to purchase the underlying asset that the lessee is reasonably certain to exercise. Instead, lease payments for such short-term leases
are recognized in operations on a straight-line basis over the lease term and variable lease payments in the period in which the obligation
for those payments is incurred.
The
Company elected, as a lessee, for all classes of underlying assets, to not separate nonlease components from lease components and instead
to account for each separate lease component and the nonlease components associated with that lease component as a single lease component.
|
Earnings (Loss) Per Common Share |
Earnings
(Loss) Per Common Share
Basic
earnings (loss) per common share is computed using the weighted average number of shares outstanding during the respective period.
Diluted
earnings (loss) per common share assumes conversion of all potentially dilutive outstanding stock options, restricted stock units, warrants
or other convertible financial instruments. Potential common shares outstanding are excluded from the calculation of diluted earnings
(loss) per share if their effect is anti-dilutive.
|
Recent Issued Accounting Pronouncements |
Recent
Issued Accounting Pronouncements
In
November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements
to Reportable Segment Disclosures, which will add required disclosures of significant expenses for each reportable segment, as well as
certain other disclosures to help investors understand how the chief operating decision maker (“CODM”) evaluates segment
expenses and operating results. The new standard will also allow disclosure of multiple measures of segment profitability, if those measures
are used to allocate resources and assess performance. The amendments will be effective for public companies for fiscal years beginning
after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. Management is currently evaluating the impact of this accounting standard update on our consolidated financial statements.
In
December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. The ASU requires disaggregated information about
a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective
on a prospective basis for annual periods beginning after December 15, 2024, with early adoption permitted. The new ASU will not impact
amounts recorded in the Company’s financial statements but instead, will require more detailed disclosures in the notes to the
financial statements. The Company plans to provide the updated disclosures required by the ASU in the periods in which they are effective.
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v3.24.2.u1
Merger of FGF and FGH (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
|
Schedule of Fair Values Assigned to the Net Assets Acquired and the Liabilities Assumed |
The
following table summarizes the fair values assigned to the net assets acquired and the liabilities assumed as part of the merger (in
thousands):
Schedule
of Fair Values Assigned to the Net Assets Acquired and the Liabilities Assumed
| |
| | |
Cash and cash equivalents | |
$ | 1,903 | |
Deferred policy acquisition costs | |
| 1,764 | |
Reinsurance balances receivable | |
| 19,011 | |
Equity and other holdings | |
| 28,769 | |
Notes receivable | |
| 300 | |
Funds deposited with reinsured companies | |
| 8,055 | |
Right of Use Asset | |
| 36 | |
Property and equipment, net | |
| 27 | |
Other current assets | |
| 884 | |
Total identifiable assets acquired | |
| 60,749 | |
| |
| | |
Accounts payable and accrued expenses | |
| 1,133 | |
Loss and loss adjustment expense reserves | |
| 9,036 | |
Unearned premium reserves | |
| 10,744 | |
Operating lease obligation | |
| 36 | |
Total liabilities assumed | |
| 20,949 | |
| |
| | |
Series A Preferred Shares | |
| 22,365 | |
| |
| | |
Net assets acquired | |
$ | 17,435 | |
|
Schedule of Revenue and Earnings of FGF Included in the Condensed Consolidated Statement of Operation from the Acquisition Date |
The
amounts of revenue and earnings of FGF included in the Company’s condensed consolidated statement of operations from the acquisition
date to June 30, 2024 are as follows:
Schedule
of Revenue and Earnings of FGF Included in the Condensed Consolidated Statement of Operation from the Acquisition Date
(in thousands) | |
| |
Revenue | |
$ | 3,767 | |
Net income | |
$ | 285 | |
|
Schedule of Pro Forma Consolidated Income Statement |
The
following represents the pro forma consolidated income statement as if FGF had been included in the condensed consolidated results of
the Company for the six months ended June 30, 2024 and 2023 (in thousands):
Schedule
of Pro Forma Consolidated Income Statement
| |
Six Months Ended June 30, 2024 | | |
Six Months Ended June 30, 2023 | |
Revenue | |
$ | 13,004 | | |
$ | 12,996 | |
Net loss | |
$ | (12,356 | ) | |
$ | (8,032 | ) |
|
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v3.24.2.u1
Discontinued Operations (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Discontinued Operations and Disposal Groups [Abstract] |
|
Schedule of Major Class Assets and Liabilities Included as Part of Discontinued Operations |
The
major classes of assets and liabilities included as part of discontinued operations are as follows (in thousands):
Schedule
of Major Class Assets and Liabilities Included as Part of Discontinued Operations
| |
| | |
| | |
| | |
| | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
Strong/MDI | | |
Strong Studios | | |
Total | | |
Strong/MDI | | |
Strong Studios | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Cash | |
$ | 484 | | |
$ | - | | |
$ | 484 | | |
$ | 649 | | |
$ | - | | |
$ | 649 | |
Accounts receivable, net | |
| 2,919 | | |
| - | | |
| 2,919 | | |
| 2,948 | | |
| 27 | | |
| 2,975 | |
Inventories | |
| 2,460 | | |
| - | | |
| 2,460 | | |
| 2,598 | | |
| - | | |
| 2,598 | |
Other current assets | |
| 640 | | |
| - | | |
| 640 | | |
| 743 | | |
| 7 | | |
| 750 | |
Property, plant and equipment, net | |
| 987 | | |
| - | | |
| 987 | | |
| 1,105 | | |
| - | | |
| 1,105 | |
Goodwill and intangible assets | |
| 906 | | |
| - | | |
| 906 | | |
| 903 | | |
| - | | |
| 903 | |
Film & TV programming rights | |
| - | | |
| - | | |
| - | | |
| - | | |
| 906 | | |
| 906 | |
Total assets of discontinued operations | |
$ | 8,396 | | |
$ | - | | |
$ | 8,396 | | |
$ | 8,946 | | |
$ | 940 | | |
$ | 9,886 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 1,836 | | |
$ | - | | |
$ | 1,836 | | |
$ | 2,376 | | |
$ | 1,321 | | |
$ | 3,697 | |
Deferred revenue and customer deposits | |
| 304 | | |
| - | | |
| 304 | | |
| 469 | | |
| - | | |
| 469 | |
Short-term debt | |
| 2,895 | | |
| - | | |
| 2,895 | | |
| 2,438 | | |
| - | | |
| 2,438 | |
Long-term debt | |
| - | | |
| - | | |
| - | | |
| - | | |
| 71 | | |
| 71 | |
Deferred income tax liabilities, net | |
| 107 | | |
| - | | |
| 107 | | |
| 125 | | |
| - | | |
| 125 | |
Total liabilities of discontinued operations | |
$ | 5,142 | | |
$ | - | | |
$ | 5,142 | | |
$ | 5,408 | | |
$ | 1,392 | | |
$ | 6,800 | |
|
Schedule of Net Loss From Discontinued Operation |
The
major line items constituting the net loss from discontinued operations are as follows (in thousands):
Schedule
of Net Loss From Discontinued Operation
| |
Strong/MDI | | |
Strong Studios | | |
Total | | |
Strong/MDI | | |
Strong Studios | | |
Total | |
| |
Three Months Ended June 30, 2024 | | |
Three Months Ended June 30, 2023 | |
| |
Strong/MDI | | |
Strong Studios | | |
Total | | |
Strong/MDI | | |
Strong Studios | | |
Total | |
Net revenues | |
$ | 3,940 | | |
$ | - | | |
$ | 3,940 | | |
$ | 4,617 | | |
$ | 6,379 | | |
$ | 10,996 | |
Cost of revenues | |
| 2,358 | | |
| 110 | | |
| 2,468 | | |
| 2,763 | | |
| 1,985 | | |
| 4,748 | |
Gross profit | |
| 1,582 | | |
| (110 | ) | |
| 1,472 | | |
| 1,854 | | |
| 4,394 | | |
| 6,248 | |
Selling and administrative expenses | |
| 1,145 | | |
| 204 | | |
| 1,349 | | |
| 899 | | |
| 3,600 | | |
| 4,499 | |
Gain on disposal of assets | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Income (loss) from operations | |
| 437 | | |
| (314 | ) | |
| 123 | | |
| 955 | | |
| 794 | | |
| 1,749 | |
Other expense | |
| 62 | | |
| - | | |
| 62 | | |
| (487 | ) | |
| - | | |
| (487 | ) |
Income (loss) from discontinued operations before taxes | |
| 499 | | |
| (314 | ) | |
| 185 | | |
| 468 | | |
| 794 | | |
| 1,262 | |
Income tax expense | |
| (35 | ) | |
| - | | |
| (35 | ) | |
| (369 | ) | |
| - | | |
| (369 | ) |
Net income (loss) from discontinued operations | |
$ | 464 | | |
$ | (314 | ) | |
$ | 150 | | |
$ | 99 | | |
$ | 794 | | |
$ | 893 | |
| |
Strong/MDI | | |
Strong Studios | | |
Total | | |
Strong/MDI | | |
Strong Studios | | |
Total | |
| |
Six Months Ended June 30, 2024 | | |
Six Months Ended June 30, 2023 | |
| |
Strong/MDI | | |
Strong Studios | | |
Total | | |
Strong/MDI | | |
Strong Studios | | |
Total | |
Net revenues | |
$ | 7,327 | | |
$ | - | | |
$ | 7,327 | | |
$ | 8,051 | | |
$ | 6,379 | | |
$ | 14,430 | |
Cost of revenues | |
| 4,394 | | |
| 205 | | |
| 4,599 | | |
| 4,895 | | |
| 1,985 | | |
| 6,880 | |
Gross profit | |
| 2,933 | | |
| (205 | ) | |
| 2,728 | | |
| 3,156 | | |
| 4,394 | | |
| 7,550 | |
Selling and administrative expenses | |
| 1,783 | | |
| 131 | | |
| 1,914 | | |
| 1,595 | | |
| 3,792 | | |
| 5,387 | |
Loss (gain) on disposal of assets | |
| 2 | | |
| - | | |
| 2 | | |
| - | | |
| (1 | ) | |
| (1 | ) |
Income (loss) from operations | |
| 1,148 | | |
| (336 | ) | |
| 812 | | |
| 1,561 | | |
| 603 | | |
| 2,164 | |
Other income (expense) | |
| 141 | | |
| - | | |
| 141 | | |
| (407 | ) | |
| - | | |
| (407 | ) |
Income (loss) from discontinued operations before taxes | |
| 1,289 | | |
| (336 | ) | |
| 953 | | |
| 1,154 | | |
| 603 | | |
| 1,757 | |
Income tax expense | |
| (168 | ) | |
| - | | |
| (168 | ) | |
| (63 | ) | |
| - | | |
| (63 | ) |
Net income (loss) from discontinued operations | |
$ | 1,121 | | |
$ | (336 | ) | |
$ | 785 | | |
$ | 1,091 | | |
$ | 603 | | |
$ | 1,694 | |
|
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v3.24.2.u1
Equity Holdings and Fair Value Disclosures (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
Schedule of Equity Holdings |
The
Company accounts for each of its equity holdings using either the fair value method, the equity method and the cost method as summarized
below as of June 30, 2024 (in thousands):
Schedule of Equity Holdings
| |
Fair Value Method | | |
Cost Method | | |
FG Merger Partners, LLC | | |
FGAC Investors LLC | | |
FG Merger Investors LLC | | |
GreenFirst Forest Products Holdings LLC | | |
Total | |
| |
| | |
| | |
Equity Method | | |
| |
| |
Fair Value Method | | |
Cost Method | | |
FG Merger Partners, LLC | | |
FGAC Investors LLC | | |
FG Merger Investors LLC | | |
GreenFirst Forest Products Holdings LLC | | |
Total | |
Investments in publicly traded companies: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
GreenFirst Forest Products common shares | |
$ | 4,400 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 382 | | |
$ | 4,782 | |
FG Acquisition Corp. common shares and warrants | |
| - | | |
| - | | |
| 2,208 | | |
| 8,384 | | |
| - | | |
| - | | |
| 10,592 | |
iCoreConnect preferred shares and warrants | |
| - | | |
| - | | |
| 2,733 | | |
| - | | |
| 5,136 | | |
| - | | |
| 7,869 | |
Oppfi common shares and warrants | |
| 663 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 663 | |
Hagerty warrants | |
| - | | |
| - | | |
| 646 | | |
| - | | |
| - | | |
| - | | |
| 646 | |
Investments in privately held companies: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
FG Communities common and preferred shares | |
| - | | |
| 2,288 | | |
| 2,003 | | |
| - | | |
| - | | |
| - | | |
| 4,291 | |
Firefly Systems preferred shares | |
| - | | |
| 12,898 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 12,898 | |
Craveworthy common shares and note | |
| - | | |
| 200 | | |
| 1,456 | | |
| - | | |
| - | | |
| - | | |
| 1,656 | |
Other | |
| - | | |
| 157 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 157 | |
Total | |
$ | 5,063 | | |
$ | 15,543 | | |
$ | 9,046 | | |
$ | 8,384 | | |
$ | 5,136 | | |
$ | 382 | | |
$ | 43,554 | |
|
Schedule of Fair Value |
The
carrying value of fair value method holdings is determined based on the security’s trading price multiplied by the number of shares
held. The following table summarizes the Company’s fair value method holdings as of June 30, 2024 and December 31, 2023 (in thousands):
Schedule
of Fair Value
As of June 30, 2024 | |
Cost Basis | | |
Gross Unrealized Gains | | |
Gross Unrealized Losses | | |
Carrying Amount | |
GreenFirst common stock | |
$ | 8,679 | | |
$ | - | | |
$ | (4,279 | ) | |
$ | 4,400 | |
OppFi common stock and warrants | |
| 427 | | |
| 236 | | |
| - | | |
| 663 | |
Total fair value method holdings | |
$ | 9,106 | | |
$ | 236 | | |
$ | (4,279 | ) | |
$ | 5,063 | |
As of December 31, 2023 | |
Cost Basis | | |
Gross Unrealized Gains | | |
Gross Unrealized Losses | | |
Carrying Amount | |
GreenFirst common stock | |
$ | 8,679 | | |
$ | 1,873 | | |
$ | - | | |
$ | 10,552 | |
Total fair value method holdings | |
$ | 8,679 | | |
$ | 1,873 | | |
$ | - | | |
$ | 10,552 | |
|
Schedule of Financial Information for Investments Accounted Under the Equity Method |
As
of December 31, 2023, the Company’s only equity method holding consisted for FGH’s equity interests in FGF which was held
through its investment in FG Financial Holdings, LLC, which was eliminated in connection with the Merger.
On
January 4, 2021, FGMP was formed as a Delaware limited partnership to co-sponsor newly formed SPACs with their founders or partners,
as well as other merchant banking interests. The Company is the sole managing member of the general partner of FGMP and holds a limited
partner interest of approximately 50% in FGMP directly and through its subsidiaries. FGMP participates as a co-sponsor of the SPACs launched
under our SPAC Platform as well as merchant banking initiatives.
For
the three and six months ended June 30, 2024, the Company recorded an equity method gain from FGMP of approximately $28,000
and $64,000,
respectively. No capital contributions were made to FGMP during the quarter or six months ended June 30, 2024. Of the $9.0 million carrying value
of our holding in FGMP at June 30, 2024 the Company may allocate up to approximately $0.4
million to incentivize
and compensate individuals and entities for the successful merger of SPACs launched under our platform.
The
Company holds direct limited liability company interests in FGAC Investors LLC, which holds investments in FG Acquisition Corp., in FG Merger
Investors LLC, which holds investments in iCoreConnect, and GreenFirst Forest Products Holdings, LLC, which holds investments in
GreenFirst. Management determined that it has the ability to exercise significant influence over FGAC Investors LLC, FG Merger
Investors LLC and GreenFirst Forest Products Holdings LLC, and accounts for each of these investments under the equity method of
accounting.
For
the three and six months ended June 30, 2024, the Company recorded an equity method loss on FG
Merger Investors of approximately $30,000
and $22,500,
respectively. The Company recorded an equity method loss from GreenFirst Forest Products Holdings LLC of approximately $0.3
million and $0.4
million for the three
and six months ended June 30, 2024, respectively, and a loss of $0.7
million and $0.6
million from FGAC Investors
LLC for the three and six months ended June 30, 2024, respectively.
Financial
information for our investments accounted for under the equity method, in the aggregate, is as follows (in thousands):
Schedule
of Financial Information for Investments Accounted Under the Equity Method
| |
As of June 30, 2024 | |
Other investments | |
$ | 74,232 | |
Cash | |
| 527 | |
Other assets | |
| 20 | |
Total assets | |
| 74,779 | |
| |
| | |
Total liabilities | |
| 61 | |
| |
Three Months Ended
June 30,
2024 | | |
Six Months Ended
June 30, 2024 | |
(in thousands) | |
| | | |
| | |
Net investment (loss) income | |
$ | (503 | ) | |
$ | 101 | |
Other income | |
| 2 | | |
| 22 | |
General and administrative expenses | |
| (23 | ) | |
| (48 | ) |
Net (loss) income | |
| (523 | ) | |
| 75 | |
|
Schedule of Financial Information for Investments Accounted Under the Equity Method |
Financial
information for our investments accounted for under the equity method, in the aggregate, is as follows (in thousands):
Schedule
of Financial Information for Investments Accounted Under the Equity Method
| |
As of June 30, 2024 | |
Other investments | |
$ | 74,232 | |
Cash | |
| 527 | |
Other assets | |
| 20 | |
Total assets | |
| 74,779 | |
| |
| | |
Total liabilities | |
| 61 | |
| |
Three Months Ended
June 30,
2024 | | |
Six Months Ended
June 30, 2024 | |
(in thousands) | |
| | | |
| | |
Net investment (loss) income | |
$ | (503 | ) | |
$ | 101 | |
Other income | |
| 2 | | |
| 22 | |
General and administrative expenses | |
| (23 | ) | |
| (48 | ) |
Net (loss) income | |
| (523 | ) | |
| 75 | |
|
Schedule of Net Investment Income |
Net
investment loss for the three and six months ended June 30, 2024 is as follows (in thousands):
Schedule
of Net Investment Income
| |
Three Months Ended
June 30, 2024 | | |
Six Months Ended
June 30, 2024 | |
Investment loss: | |
| | | |
| | |
Realized gain on common stock | |
$ | 354 | | |
$ | 495 | |
Change in unrealized holding on common stock | |
| (3,671 | ) | |
| (6,375 | ) |
Loss on equity method holdings | |
| (962 | ) | |
| (1,806 | ) |
Other | |
| 268 | | |
| 275 | |
Net investment loss | |
$ | (4,011 | ) | |
$ | (7,411 | ) |
|
Schedule of Financial Instruments Measured on Recurring Basis at Fair Value |
Financial
instruments measured, on a recurring basis, at fair value as of June 30, 2024 and December 31, 2023 in accordance with the guidance promulgated
by the FASB are as follows (in thousands):
Schedule
of Financial Instruments Measured on Recurring Basis at Fair Value
As of June 30, 2024 | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Oppfi common stock and warrants | |
$ | 663 | | |
$ | – | | |
$ | – | | |
$ | 663 | |
GreenFirst common stock | |
| 4,400 | | |
| – | | |
| – | | |
| 4,400 | |
ThinkMarkets convertible note | |
| – | | |
| – | | |
| 125 | | |
| 125 | |
Craveworthy convertible bridge loan | |
| – | | |
| – | | |
| 200 | | |
| 200 | |
Financial instrument fair value | |
$ | 5,063 | | |
$ | – | | |
$ | 325 | | |
$ | 5,388 | |
| |
| | | |
| | | |
| | | |
| | |
As of December 31, 2023 | |
| | | |
| | | |
| | | |
| | |
GreenFirst common stock | |
$ | 10,552 | | |
$ | – | | |
$ | – | | |
$ | 10,552 | |
Financial instrument fair value | |
$ | 10,552 | | |
$ | – | | |
$ | – | | |
$ | 10,552 | |
|
Fair Value, Inputs, Level 3 [Member] |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
Schedule of Fair Value of Recurring Level 3 Fair Value Measurements |
The
following tables provide a reconciliation of the fair value of recurring Level 3 fair value measurements for the six months ended
June 30, 2024 (in thousands):
Schedule
of Fair Value of Recurring Level 3 Fair Value Measurements
Assets: | |
| | |
Convertible notes | |
| | |
Beginning balance | |
| - | |
Increase as a result of Merger (Note 3) | |
| 450 | |
Increase in fair value of convertible note | |
| - | |
Repayments | |
| (125 | ) |
Balance, June 30, 2024 | |
$ | 325 | |
|
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v3.24.2.u1
Loss and Loss Adjustment Expense Reserves (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Loss And Loss Adjustment Expense Reserves |
|
Schedule of Changes in Outstanding Loss Adjustment Expense Reserves |
A
summary of changes in outstanding loss and loss adjustment expense reserves for the six months ended June 30, 2024 is as
follows (in thousands):
Schedule
of Changes in Outstanding Loss Adjustment Expense Reserves
| |
| | |
Balance, beginning of period, net of reinsurance | |
$ | 9,036 | |
Incurred related to: | |
| | |
Current year | |
| 2,396 | |
Prior year | |
| 375 | |
Paid related to: | |
| | |
Current year | |
| (1,767 | ) |
Prior years | |
| (298 | ) |
Balance, June 30, 2024, net of reinsurance | |
$ | 9,742 | |
|
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v3.24.2.u1
Inventories (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Inventory Disclosure [Abstract] |
|
Schedule of Inventories |
Inventories
consisted of the following (in thousands):
Schedule
of Inventories
| |
June 30, 2024 | | |
December 31, 2023 | |
Raw materials and components | |
$ | - | | |
$ | - | |
Work in process | |
| 10 | | |
| 6 | |
Finished goods, net of reserve | |
| 2,538 | | |
| 1,476 | |
Total | |
$ | 2,548 | | |
$ | 1,482 | |
|
Schedule of Inventory Reserves |
Schedule
of Inventory Reserves
| |
| | |
Inventory reserve balance at December 31, 2023 | |
$ | 384 | |
Inventory write-offs during 2024 | |
| 25 | |
Benefit from inventory reserve during 2024 | |
| (38 | ) |
Inventory reserve balance at June 30, 2024 | |
$ | 371 | |
|
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v3.24.2.u1
Property, Plant and Equipment (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
Schedule of Property, Plant and Equipment |
Property,
plant and equipment include the following (in thousands):
Schedule
of Property, Plant and Equipment
| |
June 30, 2024 | | |
December 31, 2023 | |
Land | |
$ | 47 | | |
$ | 2,342 | |
Buildings and improvements | |
| 3,367 | | |
| 9,469 | |
Machinery and other equipment | |
| 671 | | |
| 678 | |
Office furniture and fixtures | |
| 332 | | |
| 377 | |
Total property, plant and equipment, cost | |
| 4,417 | | |
| 12,866 | |
Less: accumulated depreciation | |
| (1,299 | ) | |
| (1,751 | ) |
Property, plant and equipment, net | |
$ | 3,118 | | |
$ | 11,115 | |
|
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v3.24.2.u1
Equity Incentive Plan Grants (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Schedule of Restricted Stock Units Activity |
The
following table summarizes RSU activity for the six months ended June 30, 2024:
Schedule
of Restricted Stock Units Activity
Restricted Stock Units | |
Number of Units | | |
Weighted Average Grant Date Fair Value | |
Non-vested units, December 31, 2023 | |
| 1,472,147 | | |
$ | 2.31 | |
Granted | |
| 700,000 | | |
| 1.31 | |
Vested | |
| (1,426,879 | ) | |
| 1.94 | |
Forfeited | |
| - | | |
| - | |
Non-vested units, June 30, 2024 | |
| 745,268 | | |
$ | 2.07 | |
|
Schedule of Stock Option Activity |
The
following table summarizes activity for stock options issued for the six months ended June 30, 2024:
Schedule
of Stock Option Activity
Common Stock Options | |
Shares | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Term (yrs) | | |
Weighted Average Grant Date Fair Value | | |
Aggregate Intrinsic Value | |
Outstanding, December 31, 2023 | |
| 715,000 | | |
$ | 3.22 | | |
| 8.0 | | |
$ | 1.41 | | |
$ | – | |
Granted | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | |
Exercised | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | |
Cancelled | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | |
Outstanding, June 30, 2024 | |
| 715,000 | | |
$ | 3.22 | | |
| 5.4 | | |
$ | 1.41 | | |
$ | – | |
Exercisable, June 30, 2024 | |
| 476,667 | | |
$ | 3.49 | | |
| 4.5 | | |
$ | 1.37 | | |
$ | – | |
|
X |
- DefinitionTabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.
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v3.24.2.u1
Net Earnings Per Share (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Basic and diluted net (loss) income per common share: |
|
Schedule of Numerators and Denominators Used in Calculation of Basic and Diluted Earnings Per Share |
Schedule
of Numerators and Denominators Used in Calculation of Basic and Diluted Earnings Per Share
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Basic and diluted: | |
| | | |
| | | |
| | | |
| | |
Net loss from continuing operations | |
$ | (6,075 | ) | |
$ | (6,284 | ) | |
$ | (11,157 | ) | |
$ | (11,076 | ) |
Net loss attributable to non-controlling interest | |
| 143 | | |
| 118 | | |
| 160 | | |
| 118 | |
Dividends declared on Series A Preferred Shares | |
| (447 | ) | |
| - | | |
| (516 | ) | |
| - | |
Loss attributable to Fundamental Global common shareholders from continuing operations | |
$ | (6,379 | ) | |
$ | (6,166 | ) | |
$ | (11,513 | ) | |
$ | (10,958 | ) |
Weighted average common shares outstanding | |
| 28,518 | | |
| 9,705 | | |
| 22,651 | | |
| 9,564 | |
Loss per common share from continuing operations | |
$ | (0.22 | ) | |
$ | (0.63 | ) | |
$ | (0.51 | ) | |
$ | (1.15 | ) |
|
Schedule of Potentially Dilutive Securities Excluded from Calculation |
The
following potentially dilutive securities outstanding as of June 30, 2024 and 2023 have been excluded from the computation of diluted
weighted-average shares outstanding as their effect would be anti-dilutive.
Schedule
of Potentially Dilutive Securities Excluded from Calculation
| |
As of June 30, | |
| |
2024 | | |
2023 | |
Options to purchase common stock | |
| 715,000 | | |
| 742,000 | |
Restricted stock units | |
| 745,268 | | |
| 596,934 | |
|
X |
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v3.24.2.u1
Debt (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of Short-Term and Long-Term Debt |
The
Company’s short-term and long-term debt consist of the following (in thousands):
Schedule
of Short-Term and Long-Term Debt
| |
June 30,
2024 | | |
December 31,
2023 | |
Short-term debt: | |
| | | |
| | |
20-year installment loan | |
$ | 2,193 | | |
$ | 2,227 | |
Insurance note payable | |
| 433 | | |
| 83 | |
Total short-term debt | |
| 2,626 | | |
| 2,310 | |
Less: deferred debt issuance costs, net | |
| (12 | ) | |
| (16 | ) |
Total short-term debt, net of issuance costs | |
$ | 2,614 | | |
$ | 2,294 | |
| |
| | | |
| | |
Long-term debt: | |
| | | |
| | |
Tenant improvement loan | |
$ | 108 | | |
$ | 126 | |
ICS promissory note | |
| 329 | | |
| 446 | |
Digital Ignition building loan | |
| - | | |
| 4,925 | |
Total long-term debt | |
$ | 437 | | |
$ | 5,497 | |
Less: deferred debt issuance costs, net | |
| - | | |
| (36 | ) |
Long-term debt, net of deferred debt issuance costs, net | |
$ | 437 | | |
$ | 5,461 | |
|
Schedule of Contractual Principal Payments |
Contractual
required principal payments on the Company’s long-term debt at June 30, 2024 are as follows (in thousands):
Schedule of Contractual Principal Payments
| |
Tenant Improvement Loan | | |
ICS Promissory Note | | |
Total | |
Remainder of 2024 | |
$ | 19 | | |
$ | 116 | | |
$ | 135 | |
2025 | |
| 40 | | |
| 213 | | |
| 253 | |
2026 | |
| 42 | | |
| - | | |
| 42 | |
2027 | |
| 7 | | |
| - | | |
| 7 | |
Total | |
$ | 108 | | |
$ | 329 | | |
$ | 437 | |
|
X |
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v3.24.2.u1
Leases (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Leases [Abstract] |
|
Schedule of Lease Cost |
The
following tables present the Company’s lease costs and other lease information (dollars in thousands):
Schedule of Lease Cost
Lease cost | |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
| |
Three Months Ended | | |
Six Months Ended | |
Lease cost | |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
Finance lease cost: | |
| | | |
| | | |
| | | |
| | |
Amortization of right-of-use assets | |
$ | 65 | | |
$ | 37 | | |
$ | 130 | | |
$ | 70 | |
Interest on lease liabilities | |
| 26 | | |
| 15 | | |
| 54 | | |
| 27 | |
Operating lease cost | |
| 68 | | |
| 23 | | |
| 150 | | |
| 57 | |
Net lease cost | |
$ | 159 | | |
$ | 75 | | |
$ | 334 | | |
$ | 154 | |
| |
| | | |
| | | |
| | | |
| | |
|
Schedule of Other Information on Lease |
Schedule of Other Information on Lease
Other information | |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
| |
Three Months Ended | | |
Six Months Ended | |
Other information | |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
Cash paid for amounts included in the measurement of lease liabilities: | |
| | | |
| | | |
| | | |
| | |
Operating cash flows from finance leases | |
$ | 26 | | |
$ | 15 | | |
$ | 54 | | |
$ | 27 | |
Operating cash flows from operating leases | |
$ | 65 | | |
$ | 33 | | |
$ | 130 | | |
$ | 65 | |
Financing cash flows from finance leases | |
$ | 62 | | |
$ | 38 | | |
$ | 127 | | |
$ | 66 | |
| |
As of June 30,
2024 | |
Weighted-average remaining lease term - finance leases (years) | |
| 1.9 | |
Weighted-average remaining lease term - operating leases (years) | |
| 2.0 | |
Weighted-average discount rate - finance leases | |
| 9.3 | % |
Weighted-average discount rate - operating leases | |
| 5.1 | % |
|
Schedule of Maturity Analysis of Operating and Finance Lease Liabilities |
The
following table presents a maturity analysis of the Company’s operating and finance lease liabilities as of June 30, 2024 (in thousands):
Schedule of Maturity Analysis of Operating and Finance Lease Liabilities
| |
Operating Leases | | |
Finance Leases | |
Remainder of 2024 | |
$ | 110 | | |
$ | 176 | |
2025 | |
| 152 | | |
| 600 | |
2026 | |
| 81 | | |
| 468 | |
2027 | |
| 14 | | |
| - | |
Total lease payments | |
| 357 | | |
| 1,244 | |
Less: Amount representing interest | |
| (19 | ) | |
| (144 | ) |
Lease obligations | |
$ | 338 | | |
$ | 1,100 | |
|
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v3.24.2.u1
Segment Reporting (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Segment Reporting [Abstract] |
|
Summary of Segment Reporting |
Summary
of Segment Reporting
| |
Insurance | | |
Asset Management | | |
Strong Global Entertainment | | |
Other | | |
Total | |
| |
Three Months Ended June 30, 2024 | |
| |
Insurance | | |
Asset Management | | |
Strong Global Entertainment | | |
Other | | |
Total | |
Net premiums earned | |
$ | 3,697 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 3,697 | |
Net investment income | |
| (365 | ) | |
| (3,646 | ) | |
| - | | |
| - | | |
| (4,011 | ) |
Product sales | |
| - | | |
| - | | |
| 4,782 | | |
| - | | |
| 4,782 | |
Services revenue | |
| - | | |
| - | | |
| 3,339 | | |
| 67 | | |
| 3,406 | |
Total revenue | |
$ | 3,332 | | |
$ | (3,646 | ) | |
$ | 8,121 | | |
$ | 67 | | |
$ | 7,874 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Three Months Ended June 30, 2023 | |
| |
Insurance | | |
Asset Management | | |
Strong Global Entertainment | | |
Other | | |
Total | |
Net premiums earned | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
Net investment income | |
| - | | |
| (3,690 | ) | |
| - | | |
| - | | |
| (3,690 | ) |
Product sales | |
| - | | |
| - | | |
| 3,794 | | |
| - | | |
| 3,794 | |
Services revenue | |
| - | | |
| - | | |
| 3,049 | | |
| 183 | | |
| 3,232 | |
Total revenue | |
$ | - | | |
$ | (3,690 | ) | |
$ | 6,843 | | |
$ | 183 | | |
$ | 3,336 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Six Months Ended June 30, 2024 | |
| |
Insurance | | |
Asset Management | | |
Strong Global Entertainment | | |
Other | | |
Total | |
Net premiums earned | |
$ | 4,472 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 4,472 | |
Net investment income | |
| (819 | ) | |
| (6,592 | ) | |
| - | | |
| - | | |
| (7,411 | ) |
Product sales | |
| - | | |
| - | | |
| 9,417 | | |
| - | | |
| 9,417 | |
Services revenue | |
| - | | |
| - | | |
| 6,387 | | |
| 264 | | |
| 6,651 | |
Total revenue | |
$ | 3,653 | | |
$ | (6,592 | ) | |
$ | 15,804 | | |
$ | 264 | | |
$ | 13,129 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Six Months Ended June 30, 2023 | |
| |
Insurance | | |
Asset Management | | |
Strong Global Entertainment | | |
Other | | |
Total | |
Net premiums earned | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
Net investment income | |
| - | | |
| (7,232 | ) | |
| - | | |
| - | | |
| (7,232 | ) |
Product sales | |
| - | | |
| - | | |
| 7,564 | | |
| - | | |
| 7,564 | |
Services revenue | |
| - | | |
| - | | |
| 5,796 | | |
| 341 | | |
| 6,137 | |
Total revenue | |
$ | - | | |
$ | (7,232 | ) | |
$ | 13,360 | | |
$ | 341 | | |
$ | 6,469 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| June 30, 2024 | |
| |
| Insurance | | |
| Asset Management | | |
| Strong Global Entertainment | | |
| Other | | |
| Total | |
Segment assets | |
$ | 38,977 | | |
$ | 32,857 | | |
$ | 12,505 | | |
$ | 14,065 | | |
$ | 98,404 | |
|
Schedule Disaggregate Product Sales and Services Revenue |
The
following tables disaggregate the Company’s product sales and services revenue by major source for the three and six months ended
June 30, 2024 and 2023 (in thousands):
Schedule Disaggregate Product Sales and Services Revenue
| |
Strong Entertainment | | |
Other | | |
Total | | |
Strong Entertainment | | |
Other | | |
Total | |
| |
Three Months Ended June 30, 2024 | | |
Three Months Ended June 30, 2023 | |
| |
Strong Entertainment | | |
Other | | |
Total | | |
Strong Entertainment | | |
Other | | |
Total | |
Screen system sales | |
$ | 63 | | |
$ | - | | |
$ | 63 | | |
$ | 52 | | |
$ | - | | |
$ | 52 | |
Digital equipment sales | |
| 4,356 | | |
| - | | |
| 4,356 | | |
| 3,537 | | |
| - | | |
| 3,537 | |
Extended warranty sales | |
| 30 | | |
| - | | |
| 30 | | |
| 49 | | |
| - | | |
| 49 | |
Other product sales | |
| 333 | | |
| - | | |
| 333 | | |
| 156 | | |
| - | | |
| 156 | |
Total product sales | |
| 4,782 | | |
| - | | |
| 4,782 | | |
| 3,794 | | |
| - | | |
| 3,794 | |
Field maintenance and monitoring services | |
| 1,896 | | |
| - | | |
| 1,896 | | |
| 1,912 | | |
| - | | |
| 1,912 | |
Installation services | |
| 1,236 | | |
| - | | |
| 1,236 | | |
| 1,038 | | |
| - | | |
| 1,038 | |
Other service revenues | |
| 207 | | |
| 67 | | |
| 274 | | |
| 99 | | |
| 183 | | |
| 282 | |
Total service revenues | |
| 3,339 | | |
| 67 | | |
| 3,406 | | |
| 3,049 | | |
| 183 | | |
| 3,232 | |
Total | |
$ | 8,121 | | |
$ | 67 | | |
$ | 8,188 | | |
$ | 6,843 | | |
$ | 183 | | |
$ | 7,026 | |
| |
Strong Entertainment | | |
Other | | |
Total | | |
Strong Entertainment | | |
Other | | |
Total | |
| |
Six Months Ended June 30, 2024 | | |
Six Months Ended June 30, 2023 | |
| |
Strong Entertainment | | |
Other | | |
Total | | |
Strong Entertainment | | |
Other | | |
Total | |
Screen system sales | |
$ | 103 | | |
$ | - | | |
$ | 103 | | |
$ | 123 | | |
$ | - | | |
$ | 123 | |
Digital equipment sales | |
| 8,594 | | |
| - | | |
| 8,594 | | |
| 7,063 | | |
| - | | |
| 7,063 | |
Extended warranty sales | |
| 87 | | |
| - | | |
| 87 | | |
| 100 | | |
| - | | |
| 100 | |
Other product sales | |
| 633 | | |
| - | | |
| 633 | | |
| 278 | | |
| - | | |
| 278 | |
Total product sales | |
| 9,417 | | |
| - | | |
| 9,417 | | |
| 7,564 | | |
| - | | |
| 7,564 | |
Field maintenance and monitoring services | |
| 3,806 | | |
| - | | |
| 3,806 | | |
| 3,803 | | |
| - | | |
| 3,803 | |
Installation services | |
| 2,172 | | |
| - | | |
| 2,172 | | |
| 1,840 | | |
| - | | |
| 1,840 | |
Other service revenues | |
| 409 | | |
| 264 | | |
| 673 | | |
| 153 | | |
| 341 | | |
| 494 | |
Total service revenues | |
| 6,387 | | |
| 264 | | |
| 6,651 | | |
| 5,796 | | |
| 341 | | |
| 6,137 | |
Total | |
$ | 15,804 | | |
$ | 264 | | |
$ | 16,068 | | |
$ | 13,360 | | |
$ | 341 | | |
$ | 13,701 | |
|
Schedule Disaggregate Revenue by the Timing of Transfer of Goods or Services |
The
following tables disaggregate the Company’s revenue by the timing of transfer of goods or services to the customer for the three
and six months ended June 30, 2024 and June 30, 2023 (in thousands):
Schedule Disaggregate Revenue by the Timing of Transfer of Goods or Services
| |
Strong Entertainment | | |
Other | | |
Total | | |
Strong Entertainment | | |
Other | | |
Total | |
| |
Three Months Ended June 30, 2024 | | |
Three Months Ended June 30, 2023 | |
| |
Strong Entertainment | | |
Other | | |
Total | | |
Strong Entertainment | | |
Other | | |
Total | |
Point in time | |
$ | 6,527 | | |
$ | - | | |
$ | 6,527 | | |
$ | 5,316 | | |
$ | 34 | | |
$ | 5,350 | |
Over time | |
| 1,594 | | |
| 67 | | |
| 1,661 | | |
| 1,527 | | |
| 149 | | |
| 1,676 | |
Total | |
$ | 8,121 | | |
$ | 67 | | |
$ | 8,188 | | |
$ | 6,843 | | |
$ | 183 | | |
$ | 7,026 | |
| |
Strong Entertainment | | |
Other | | |
Total | | |
Strong Entertainment | | |
Other | | |
Total | |
| |
Six Months Ended June 30, 2024 | | |
Six Months Ended June 30, 2023 | |
| |
Strong Entertainment | | |
Other | | |
Total | | |
Strong Entertainment | | |
Other | | |
Total | |
Point in time | |
$ | 12,613 | | |
$ | 2 | | |
$ | 12,615 | | |
$ | 10,312 | | |
$ | 48 | | |
$ | 10,360 | |
Over time | |
| 3,191 | | |
| 262 | | |
| 3,453 | | |
| 3,048 | | |
| 293 | | |
| 3,341 | |
Total | |
$ | 15,804 | | |
$ | 264 | | |
$ | 16,068 | | |
$ | 13,360 | | |
$ | 341 | | |
$ | 13,701 | |
|
Schedule of Products and Services Revenue by Geographic Area |
The
following tables summarize the Company’s products and services revenue by geographic area for the three and six months ended June
30, 2024 and 2023 (in thousands):
Schedule of Products and Services Revenue by Geographic Area
| |
Three Months Ended June 30, 2024 | | |
Three Months Ended June 30, 2023 | | |
Six Months Ended June 30, 2024 | | |
Six Months Ended June 30, 2023 | |
United States | |
$ | 8,022 | | |
$ | 6,904 | | |
$ | 15,750 | | |
$ | 13,480 | |
Canada | |
| 12 | | |
| 10 | | |
| 19 | | |
| 10 | |
Europe | |
| 140 | | |
| 75 | | |
| 266 | | |
| 137 | |
Asia | |
| - | | |
| - | | |
| 3 | | |
| - | |
Other | |
| 14 | | |
| 37 | | |
| 30 | | |
| 74 | |
Total | |
$ | 8,188 | | |
$ | 7,026 | | |
$ | 16,068 | | |
$ | 13,701 | |
Total revenue | |
$ | 8,188 | | |
$ | 7,026 | | |
$ | 16,068 | | |
$ | 13,701 | |
|
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v3.24.2.u1
Significant Accounting Policies (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
|
Jun. 30, 2024 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Product Information [Line Items] |
|
|
|
|
Non-consolidated VIE's |
|
$ 16,400,000
|
|
|
Investment interest rate |
20.00%
|
20.00%
|
|
|
Cash in bank |
$ 200,000
|
$ 200,000
|
|
|
Cash FDIC insured amount |
250,000
|
250,000
|
|
|
Promissory note |
|
|
|
$ 200,000
|
Cash collateral total |
$ 8,100,000
|
$ 8,100,000
|
$ 8,100,000
|
|
Revenue, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | Ten Customers [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Customer revenue percentage |
45.00%
|
44.00%
|
|
|
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Customer revenue percentage |
|
61.00%
|
|
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Customer revenue percentage |
|
10.00%
|
|
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v3.24.2.u1
Schedule of Fair Values Assigned to the Net Assets Acquired and the Liabilities Assumed (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Feb. 29, 2024 |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
|
|
Cash and cash equivalents |
$ 1,903
|
|
Deferred policy acquisition costs |
1,764
|
|
Reinsurance balances receivable |
19,011
|
|
Equity and other holdings |
28,769
|
|
Notes receivable |
300
|
|
Funds deposited with reinsured companies |
8,055
|
|
Right of Use Asset |
36
|
|
Property and equipment, net |
27
|
|
Other current assets |
884
|
|
Total identifiable assets acquired |
60,749
|
|
Accounts payable and accrued expenses |
1,133
|
|
Loss and loss adjustment expense reserves |
9,036
|
|
Unearned premium reserves |
10,744
|
|
Operating lease obligation |
36
|
|
Total liabilities assumed |
20,949
|
|
Series A Preferred Shares |
22,365
|
|
Net assets acquired |
$ 17,435
|
$ 17,400
|
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Schedule of Major Class Assets and Liabilities Included as Part of Discontinued Operations (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
Cash |
$ 484
|
$ 649
|
Accounts receivable, net |
2,919
|
2,975
|
Inventories |
2,460
|
2,598
|
Other current assets |
640
|
750
|
Property, plant and equipment, net |
987
|
1,105
|
Goodwill and intangible assets |
906
|
903
|
Film & TV programming rights |
|
906
|
Total assets of discontinued operations |
8,396
|
9,886
|
Accounts payable and accrued expenses |
1,836
|
3,697
|
Deferred revenue and customer deposits |
304
|
469
|
Short-term debt |
2,895
|
2,438
|
Long-term debt |
|
71
|
Deferred income tax liabilities, net |
107
|
125
|
Total liabilities of discontinued operations |
5,142
|
6,800
|
Strong MDI [Member] |
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
Cash |
484
|
649
|
Accounts receivable, net |
2,919
|
2,948
|
Inventories |
2,460
|
2,598
|
Other current assets |
640
|
743
|
Property, plant and equipment, net |
987
|
1,105
|
Goodwill and intangible assets |
906
|
903
|
Film & TV programming rights |
|
|
Total assets of discontinued operations |
8,396
|
8,946
|
Accounts payable and accrued expenses |
1,836
|
2,376
|
Deferred revenue and customer deposits |
304
|
469
|
Short-term debt |
2,895
|
2,438
|
Long-term debt |
|
|
Deferred income tax liabilities, net |
107
|
125
|
Total liabilities of discontinued operations |
5,142
|
5,408
|
Strong Studios [Member] |
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
Cash |
|
|
Accounts receivable, net |
|
27
|
Inventories |
|
|
Other current assets |
|
7
|
Property, plant and equipment, net |
|
|
Goodwill and intangible assets |
|
|
Film & TV programming rights |
|
906
|
Total assets of discontinued operations |
|
940
|
Accounts payable and accrued expenses |
|
1,321
|
Deferred revenue and customer deposits |
|
|
Short-term debt |
|
|
Long-term debt |
|
71
|
Deferred income tax liabilities, net |
|
|
Total liabilities of discontinued operations |
|
$ 1,392
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v3.24.2.u1
Schedule of Net Loss From Discontinued Operation (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
Net revenues |
$ 3,940
|
$ 10,996
|
$ 7,327
|
$ 14,430
|
Cost of revenues |
2,468
|
4,748
|
4,599
|
6,880
|
Gross profit |
1,472
|
6,248
|
2,728
|
7,550
|
Selling and administrative expenses |
1,349
|
4,499
|
1,914
|
5,387
|
Loss (gain) on disposal of assets |
|
|
2
|
(1)
|
Income (loss) from operations |
123
|
1,749
|
812
|
2,164
|
Other income (expense) |
62
|
(487)
|
141
|
(407)
|
Income (loss) from discontinued operations before taxes |
185
|
1,262
|
953
|
1,757
|
Income tax expense |
(35)
|
(369)
|
(168)
|
(63)
|
Net income (loss) from discontinued operations |
150
|
893
|
785
|
1,694
|
Strong MDI [Member] |
|
|
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
Net revenues |
3,940
|
4,617
|
7,327
|
8,051
|
Cost of revenues |
2,358
|
2,763
|
4,394
|
4,895
|
Gross profit |
1,582
|
1,854
|
2,933
|
3,156
|
Selling and administrative expenses |
1,145
|
899
|
1,783
|
1,595
|
Loss (gain) on disposal of assets |
|
|
2
|
|
Income (loss) from operations |
437
|
955
|
1,148
|
1,561
|
Other income (expense) |
62
|
(487)
|
141
|
(407)
|
Income (loss) from discontinued operations before taxes |
499
|
468
|
1,289
|
1,154
|
Income tax expense |
(35)
|
(369)
|
(168)
|
(63)
|
Net income (loss) from discontinued operations |
464
|
99
|
1,121
|
1,091
|
Strong Studios [Member] |
|
|
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
Net revenues |
|
6,379
|
|
6,379
|
Cost of revenues |
110
|
1,985
|
205
|
1,985
|
Gross profit |
(110)
|
4,394
|
(205)
|
4,394
|
Selling and administrative expenses |
204
|
3,600
|
131
|
3,792
|
Loss (gain) on disposal of assets |
|
|
|
(1)
|
Income (loss) from operations |
(314)
|
794
|
(336)
|
603
|
Other income (expense) |
|
|
|
|
Income (loss) from discontinued operations before taxes |
(314)
|
794
|
(336)
|
603
|
Income tax expense |
|
|
|
|
Net income (loss) from discontinued operations |
$ (314)
|
$ 794
|
$ (336)
|
$ 603
|
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v3.24.2.u1
Discontinued Operations (Details Narrative) - USD ($)
|
|
3 Months Ended |
|
|
|
|
May 03, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Feb. 29, 2024 |
Jan. 01, 2024 |
Dec. 31, 2023 |
Common stock, shares issued |
|
|
28,519,290
|
|
|
22,502,656
|
Common stock, shares outstanding |
|
|
28,519,290
|
|
|
22,502,656
|
Sales price in cash |
|
|
|
|
$ 600,000
|
|
Net assets |
|
|
|
$ 0
|
|
|
Discontinued Operation, Intra-Entity Amounts, Discontinued Operation after Disposal, Revenue |
|
$ 0
|
|
|
|
|
Investment Product [Member] |
|
|
|
|
|
|
Sales price in cash |
|
|
|
|
$ 600,000
|
|
Strong or MDI Screen Systems Inc [Member] |
|
|
|
|
|
|
Pre-money valuation |
$ 30,000,000
|
|
|
|
|
|
FGAC Investors LLC [Member] |
|
|
|
|
|
|
Business acquisition, description |
(i) cash, in an
amount equal to 25% of the net proceeds of a concurrent private placement, if any (the “Cash Consideration”), (ii) the issuance
to the Company of preferred shares (“Preferred Shares”) with an initial preferred share redemption amount of $9.0 million,
and (iii) the issuance to the Company of that number of Common Shares equal to (a) the MDI Equity Value minus (x) the Cash Consideration
and (y) the Preferred Shares, divided by (b) $10.00.
|
|
|
|
|
|
MDI Acquisition [Member] |
|
|
|
|
|
|
Issuance of private placement |
$ 10,000,000
|
|
|
|
|
|
Issuance of common shares |
338,560
|
|
|
|
|
|
MDI Acquisition [Member] | Saltire [Member] |
|
|
|
|
|
|
Ownership interest |
29.60%
|
|
|
|
|
|
Common Class B [Member] | FGAC [Member] |
|
|
|
|
|
|
Common stock, shares issued |
2,900,000
|
|
|
|
|
|
Common stock, shares outstanding |
2,900,000
|
|
|
|
|
|
X |
- DefinitionWith respect to a business combination completed during the period, this element provides a description of the business, other than the name, which may include the industry, size, products and other important information.
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v3.24.2.u1
Schedule of Equity Holdings (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Securities, FV-NI |
$ 5,063
|
$ 10,552
|
Investment Owned, Cost |
15,543
|
|
Equity Method Investments |
38,491
|
17,469
|
Investments |
43,554
|
|
FG Merchant Partners LP [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
9,046
|
|
FGAC Investors LLC [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
8,384
|
|
FG Merger Investors LLC [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
5,136
|
|
GreenFirst Forest Products Holdings LLC [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
382
|
|
GreenFirst Common Stock [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Securities, FV-NI |
4,400
|
$ 10,552
|
Investment Owned, Cost |
|
|
Equity Method Investments |
400
|
|
Investments |
4,782
|
|
GreenFirst Common Stock [Member] | FG Merchant Partners LP [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
|
|
GreenFirst Common Stock [Member] | FGAC Investors LLC [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
|
|
GreenFirst Common Stock [Member] | FG Merger Investors LLC [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
|
|
GreenFirst Common Stock [Member] | GreenFirst Forest Products Holdings LLC [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
382
|
|
FG Acquisition Corp Common Shares and Warrants [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Securities, FV-NI |
|
|
Investment Owned, Cost |
|
|
Investments |
10,592
|
|
FG Acquisition Corp Common Shares and Warrants [Member] | FG Merchant Partners LP [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
2,208
|
|
FG Acquisition Corp Common Shares and Warrants [Member] | FGAC Investors LLC [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
8,384
|
|
FG Acquisition Corp Common Shares and Warrants [Member] | FG Merger Investors LLC [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
|
|
FG Acquisition Corp Common Shares and Warrants [Member] | GreenFirst Forest Products Holdings LLC [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
|
|
Icore Connect Preferred Shares and Warrants [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Securities, FV-NI |
|
|
Investment Owned, Cost |
|
|
Investments |
7,869
|
|
Icore Connect Preferred Shares and Warrants [Member] | FG Merchant Partners LP [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
2,733
|
|
Icore Connect Preferred Shares and Warrants [Member] | FGAC Investors LLC [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
|
|
Icore Connect Preferred Shares and Warrants [Member] | FG Merger Investors LLC [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
5,136
|
|
Icore Connect Preferred Shares and Warrants [Member] | GreenFirst Forest Products Holdings LLC [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
|
|
OppFi Common Stock and Warrants [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Securities, FV-NI |
663
|
|
Investment Owned, Cost |
|
|
Investments |
663
|
|
OppFi Common Stock and Warrants [Member] | FG Merchant Partners LP [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
|
|
OppFi Common Stock and Warrants [Member] | FGAC Investors LLC [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
|
|
OppFi Common Stock and Warrants [Member] | FG Merger Investors LLC [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
|
|
OppFi Common Stock and Warrants [Member] | GreenFirst Forest Products Holdings LLC [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
|
|
Hagerty Warrants [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Securities, FV-NI |
|
|
Investment Owned, Cost |
|
|
Investments |
646
|
|
Hagerty Warrants [Member] | FG Merchant Partners LP [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
646
|
|
Hagerty Warrants [Member] | FGAC Investors LLC [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
|
|
Hagerty Warrants [Member] | FG Merger Investors LLC [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
|
|
Hagerty Warrants [Member] | GreenFirst Forest Products Holdings LLC [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
|
|
FG Communities Common and Preferred Shares [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Securities, FV-NI |
|
|
Investment Owned, Cost |
2,288
|
|
Investments |
4,291
|
|
FG Communities Common and Preferred Shares [Member] | FG Merchant Partners LP [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
2,003
|
|
FG Communities Common and Preferred Shares [Member] | FGAC Investors LLC [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
|
|
FG Communities Common and Preferred Shares [Member] | FG Merger Investors LLC [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
|
|
FG Communities Common and Preferred Shares [Member] | GreenFirst Forest Products Holdings LLC [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
|
|
Firefly Media Corporation Preferred Shares [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Securities, FV-NI |
|
|
Investment Owned, Cost |
12,898
|
|
Investments |
12,898
|
|
Firefly Media Corporation Preferred Shares [Member] | FG Merchant Partners LP [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
|
|
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|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
|
|
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|
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|
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Equity Method Investments |
|
|
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|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
|
|
Craveworthy Common Shares and Note [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Securities, FV-NI |
|
|
Investment Owned, Cost |
200
|
|
Investments |
1,656
|
|
Craveworthy Common Shares and Note [Member] | FG Merchant Partners LP [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
1,456
|
|
Craveworthy Common Shares and Note [Member] | FGAC Investors LLC [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
|
|
Craveworthy Common Shares and Note [Member] | FG Merger Investors LLC [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
|
|
Craveworthy Common Shares and Note [Member] | GreenFirst Forest Products Holdings LLC [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
|
|
Other [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Securities, FV-NI |
|
|
Investment Owned, Cost |
157
|
|
Investments |
157
|
|
Other [Member] | FG Merchant Partners LP [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
|
|
Other [Member] | FGAC Investors LLC [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
|
|
Other [Member] | FG Merger Investors LLC [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
|
|
Other [Member] | GreenFirst Forest Products Holdings LLC [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Equity Method Investments |
|
|
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v3.24.2.u1
Schedule of Fair Value (Details) - USD ($) $ in Thousands |
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Dec. 31, 2023 |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Cost Basis |
$ 9,106
|
$ 8,679
|
Gross Unrealized Gains |
236
|
1,873
|
Gross Unrealized Losses |
(4,279)
|
|
Carrying Amount |
5,063
|
10,552
|
Gross Unrealized Losses |
4,279
|
|
GreenFirst Common Stock [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Cost Basis |
8,679
|
8,679
|
Gross Unrealized Gains |
|
1,873
|
Gross Unrealized Losses |
(4,279)
|
|
Carrying Amount |
4,400
|
10,552
|
Gross Unrealized Losses |
4,279
|
|
OppFi Common Stock and Warrants [Member] |
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
Cost Basis |
427
|
|
Gross Unrealized Gains |
236
|
|
Gross Unrealized Losses |
|
|
Carrying Amount |
663
|
|
Gross Unrealized Losses |
|
|
X |
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v3.24.2.u1
Schedule of Financial Information for Investments Accounted Under the Equity Method (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
|
|
|
|
|
|
Other investments |
|
|
|
|
|
$ 200,000
|
Cash |
$ 200,000
|
|
$ 200,000
|
|
|
|
Other assets |
1,498,000
|
|
1,498,000
|
|
$ 486,000
|
|
Total assets |
98,404,000
|
|
98,404,000
|
|
62,143,000
|
|
Total liabilities |
37,968,000
|
|
37,968,000
|
|
$ 25,136,000
|
|
Net investment (loss) income |
(4,011,000)
|
|
(7,411,000)
|
|
|
|
Other income |
268,000
|
|
275,000
|
|
|
|
General and administrative expenses |
(4,104,000)
|
$ (3,559,000)
|
(7,493,000)
|
$ (5,693,000)
|
|
|
Equity Method Investments [Member] |
|
|
|
|
|
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
|
|
|
|
|
|
Other investments |
74,232,000
|
|
74,232,000
|
|
|
|
Cash |
527,000
|
|
527,000
|
|
|
|
Other assets |
20,000
|
|
20,000
|
|
|
|
Total assets |
74,779,000
|
|
74,779,000
|
|
|
|
Total liabilities |
61,000
|
|
61,000
|
|
|
|
Net investment (loss) income |
(503,000)
|
|
101,000
|
|
|
|
Other income |
2,000
|
|
22,000
|
|
|
|
General and administrative expenses |
(23,000)
|
|
(48,000)
|
|
|
|
Net (loss) income |
$ (523,000)
|
|
$ 75,000
|
|
|
|
X |
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Schedule of Financial Instruments Measured on Recurring Basis at Fair Value (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Financial instrument fair value |
$ 5,388
|
$ 10,552
|
Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Financial instrument fair value |
5,063
|
10,552
|
Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Financial instrument fair value |
|
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Financial instrument fair value |
325
|
|
OppFi Common Stock and Warrants [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Financial instrument fair value |
663
|
|
OppFi Common Stock and Warrants [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Financial instrument fair value |
663
|
|
OppFi Common Stock and Warrants [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Financial instrument fair value |
|
|
OppFi Common Stock and Warrants [Member] | Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Financial instrument fair value |
|
|
GreenFirst Common Stock [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Financial instrument fair value |
4,400
|
10,552
|
GreenFirst Common Stock [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Financial instrument fair value |
4,400
|
10,552
|
GreenFirst Common Stock [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Financial instrument fair value |
|
|
GreenFirst Common Stock [Member] | Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Financial instrument fair value |
|
|
Think Markets Convertible Note [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Financial instrument fair value |
125
|
|
Think Markets Convertible Note [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Financial instrument fair value |
|
|
Think Markets Convertible Note [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Financial instrument fair value |
|
|
Think Markets Convertible Note [Member] | Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Financial instrument fair value |
125
|
|
Craveworthy Convertible Bridge Loan [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Financial instrument fair value |
200
|
|
Craveworthy Convertible Bridge Loan [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Financial instrument fair value |
|
|
Craveworthy Convertible Bridge Loan [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Financial instrument fair value |
|
|
Craveworthy Convertible Bridge Loan [Member] | Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Financial instrument fair value |
$ 200
|
|
X |
- DefinitionFair value of the entity's equity.
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v3.24.2.u1
Equity Holdings and Fair Value Disclosures (Details Narrative) - USD ($)
|
|
|
3 Months Ended |
6 Months Ended |
|
|
Sep. 29, 2023 |
Mar. 16, 2023 |
Jun. 30, 2024 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Jan. 04, 2021 |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
|
|
|
|
Investments and equity |
|
|
$ 43,600,000
|
$ 43,600,000
|
|
|
Reinsurance payable |
|
|
22,500,000
|
22,500,000
|
|
|
Fair value of securities |
|
|
5,063,000
|
5,063,000
|
$ 10,552,000
|
|
Equity method investment |
|
|
38,491,000
|
38,491,000
|
17,469,000
|
|
Investments |
|
|
43,554,000
|
43,554,000
|
|
|
Convertible promissory note |
$ 250,000
|
|
125,000
|
125,000
|
|
|
Iinterest rate |
|
13.00%
|
|
|
|
|
Conversion price per share |
$ 5.00
|
|
|
|
|
|
Unsecured loan |
|
$ 200,000
|
|
|
|
|
Maturity date |
|
Mar. 15, 2024
|
|
|
|
|
Principal and interest accrued |
|
$ 200,000
|
|
|
|
|
Principal amount |
|
|
|
200,000
|
|
|
Accrued interest |
|
|
|
35,000
|
|
|
Promissory Note [Member] |
|
|
|
|
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
|
|
|
|
Iinterest rate |
15.00%
|
|
|
|
|
|
ThinkMarkets [Member] |
|
|
|
|
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
|
|
|
|
Convertible promissory note |
$ 250,000
|
|
125,000
|
125,000
|
|
|
Convertible Promissory Note [Member] |
|
|
|
|
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
|
|
|
|
Fair value of note |
|
|
200,000
|
200,000
|
|
|
FGMP [Member] |
|
|
|
|
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
|
|
|
|
Equity Method Investment, Realized Gain (Loss) on Disposal |
|
|
28,000
|
64,000
|
|
|
Investments |
|
|
9,000,000.0
|
9,000,000.0
|
|
|
FGMP [Member] | Maximum [Member] |
|
|
|
|
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
|
|
|
|
Investments |
|
|
400,000
|
400,000
|
|
|
FG SPAC Partners LP [Member] |
|
|
|
|
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
|
|
|
|
Equity method investments |
|
|
|
|
|
50.00%
|
FG Merger Investors [Member] |
|
|
|
|
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
|
|
|
|
Equity Method Investment, Realized Gain (Loss) on Disposal |
|
|
30,000
|
22,500
|
|
|
GreenFirst Forest Products [Member] |
|
|
|
|
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
|
|
|
|
Equity Method Investment, Realized Gain (Loss) on Disposal |
|
|
300,000
|
400,000
|
|
|
FGAC Investors LLC [Member] |
|
|
|
|
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
|
|
|
|
Equity Method Investment, Realized Gain (Loss) on Disposal |
|
|
700,000
|
600,000
|
|
|
GreenFirst Common Stock [Member] |
|
|
|
|
|
|
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] |
|
|
|
|
|
|
Fair value of securities |
|
|
4,400,000
|
4,400,000
|
$ 10,552,000
|
|
Equity method investment |
|
|
400,000
|
400,000
|
|
|
Investments |
|
|
$ 4,782,000
|
$ 4,782,000
|
|
|
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Schedule of Changes in Outstanding Loss Adjustment Expense Reserves (Details) $ in Thousands |
6 Months Ended |
Jun. 30, 2024
USD ($)
|
Loss And Loss Adjustment Expense Reserves |
|
Balance, beginning of period, net of reinsurance |
$ 9,036
|
Current year |
2,396
|
Prior year |
375
|
Current year |
(1,767)
|
Prior years |
(298)
|
Balance, June 30, 2024, net of reinsurance |
$ 9,742
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Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Total property, plant and equipment, cost |
$ 4,417
|
$ 12,866
|
Less: accumulated depreciation |
(1,299)
|
(1,751)
|
Property, plant and equipment, net |
3,118
|
11,115
|
Land [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property, plant and equipment, cost |
47
|
2,342
|
Building Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property, plant and equipment, cost |
3,367
|
9,469
|
Machinery and Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property, plant and equipment, cost |
671
|
678
|
Furniture and Fixtures [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property, plant and equipment, cost |
$ 332
|
$ 377
|
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Schedule of Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member]
|
6 Months Ended |
Jun. 30, 2024
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Number of Non-vested Units, Beginning balance | shares |
1,472,147
|
Weighted Average Grant Date Fair Value, Beginning balance | $ / shares |
$ 2.31
|
Number of Non-vested Units, Granted | shares |
700,000
|
Weighted Average Grant Date Fair Value, Granted | $ / shares |
$ 1.31
|
Number of Non-vested Units, Vested | shares |
(1,426,879)
|
Weighted Average Grant Date Fair Value, Vested | $ / shares |
$ 1.94
|
Number of Non-vested Units, Forfeited | shares |
|
Weighted Average Grant Date Fair Value, Forfeited | $ / shares |
|
Number of Non-vested Units, Ending balance | shares |
745,268
|
Weighted Average Grant Date Fair Value, Ending balance | $ / shares |
$ 2.07
|
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Schedule of Stock Option Activity (Details) - 2014 Equity Incentive Plan [Member] - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Dec. 31, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Shares, Outstanding, Beginning balance |
715,000
|
|
Weighted Average Exercise Price, Outstanding, Beginning balance |
$ 3.22
|
|
Weighted Ave Remaining Contractual Term (Years), Outstanding, Ending balance |
5 years 4 months 24 days
|
8 years
|
Weighted Ave Grant Date Fair Value, Outstanding, Beginning balance |
$ 1.41
|
|
Aggregate Intrinsic Value, Outstanding, Beginning balance |
|
|
Shares, Granted |
|
|
Weighted Average Exercise Price, Granted |
|
|
Weighted Ave Grant Date Fair Value, Granted |
|
|
Aggregate Intrinsic Value, Granted |
|
|
Shares, Exercised |
|
|
Weighted Average Exercise Price, Exercised |
|
|
Weighted Ave Grant Date Fair Value, Exercised |
|
|
Aggregate Intrinsic Value, Exercised |
|
|
Shares, Cancelled |
|
|
Weighted Average Exercise Price, Cancelled |
|
|
Weighted Ave Grant Date Fair Value, Cancelled |
|
|
Aggregate Intrinsic Value, Cancelled |
|
|
Shares, Outstanding, Ending balance |
715,000
|
715,000
|
Weighted Average Exercise Price, Outstanding, Ending balance |
$ 3.22
|
$ 3.22
|
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$ 1.41
|
$ 1.41
|
Aggregate Intrinsic Value, Outstanding, Ending balance |
|
|
Shares, Exercisable, Ending balance |
476,667
|
|
Weighted Average Exercise Price, Exercisable, Ending balance |
$ 3.49
|
|
Weighted Ave Remaining Contractual Term (Years), Outstanding, Ending balance |
4 years 6 months
|
|
Weighted Ave Grant Date Fair Value, Exercisable, Ending balance |
$ 1.37
|
|
Aggregate Intrinsic Value, Exercisable, Ending balance |
|
|
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v3.24.2.u1
Equity Incentive Plan Grants (Details Narrative) - USD ($) $ in Millions |
|
|
3 Months Ended |
6 Months Ended |
|
|
Jan. 03, 2024 |
Mar. 24, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Mar. 23, 2023 |
Dec. 15, 2021 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
Future issuance |
|
|
300,000
|
|
300,000
|
|
|
|
ESPP Plan, description |
|
the
board of directors approved an employee stock purchase plan (“ESPP Plan”) whereby qualifying employees can choose each
year to have up to 5% of their annual base earnings withheld to purchase the Company’s common shares in the open market. The
Company matches 100% of the employee’s contribution amount after thirty days of employment
|
|
|
|
|
|
|
Share based compensation expenses |
|
|
$ 0.4
|
$ 0.9
|
$ 0.7
|
$ 1.0
|
|
|
Unrecognized stock compensation expense |
|
|
$ 1.2
|
|
$ 1.2
|
|
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
Number of restricted units granted |
|
|
|
|
700,000
|
|
|
|
Management [Member] | Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
Number of restricted units granted |
700,000
|
|
|
|
|
|
|
|
2021 Incentive Plan [Member] |
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
Number of share available for issuance |
|
2,000,000
|
|
|
|
|
1,500,000
|
1,500,000
|
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v3.24.2.u1
Related Party Transactions (Details Narrative) - USD ($)
|
|
3 Months Ended |
6 Months Ended |
|
|
|
Mar. 31, 2020 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Sep. 29, 2023 |
Mar. 16, 2023 |
Oct. 31, 2022 |
Investments |
|
$ 43,554,000
|
|
$ 43,554,000
|
|
|
|
|
Senior unsecured promissory note |
|
|
|
|
|
|
$ 200,000
|
|
FG Communities Inc [Member] |
|
|
|
|
|
|
|
|
Investments |
|
|
|
|
|
|
|
$ 2,000,000.0
|
Craveworthy [Member] |
|
|
|
|
|
|
|
|
Senior unsecured promissory note |
|
|
|
|
|
|
$ 200,000
|
|
Think Makets [Member] |
|
|
|
|
|
|
|
|
Investments |
|
|
|
|
|
$ 250,000
|
|
|
Repayment of debt |
|
|
|
125,000
|
|
|
|
|
Joint Venture Agreement [Member] | Fundamental Global Asset Management [Member] |
|
|
|
|
|
|
|
|
Common shares percentage |
50.00%
|
|
|
|
|
|
|
|
Shared Services Agreement [Member] | Fundamental Global Management LLC [Member] |
|
|
|
|
|
|
|
|
Shared services fee |
$ 456,000
|
$ 500,000
|
$ 500,000
|
$ 900,000
|
$ 900,000
|
|
|
|
X |
- DefinitionThe percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.
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v3.24.2.u1
Schedule of Numerators and Denominators Used in Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Basic and diluted net (loss) income per common share: |
|
|
|
|
Net loss from continuing operations |
$ (6,075)
|
$ (6,284)
|
$ (11,157)
|
$ (11,076)
|
Net loss attributable to non-controlling interest |
143
|
118
|
160
|
118
|
Dividends declared on Series A Preferred Shares |
(447)
|
|
(516)
|
|
Loss attributable to Fundamental Global common shareholders from continuing operations |
$ (6,379)
|
$ (6,166)
|
$ (11,513)
|
$ (10,958)
|
Weighted average common shares outstanding - Basic |
28,518
|
9,705
|
22,651
|
9,564
|
Weighted average common shares outstanding - Diluted |
28,518
|
9,705
|
22,651
|
9,564
|
Continuing operations - basic |
$ (0.22)
|
$ (0.63)
|
$ (0.51)
|
$ (1.15)
|
Continuing operations - diluted |
$ (0.22)
|
$ (0.63)
|
$ (0.51)
|
$ (1.15)
|
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Schedule of Short-Term and Long-Term Debt (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Short-Term Debt [Line Items] |
|
|
Total short-term debt, net of issuance costs |
$ 2,614
|
$ 2,294
|
Total short-term debt |
2,626
|
2,310
|
Less: deferred debt issuance costs, net |
(12)
|
(16)
|
Long-term debt, net of deferred debt issuance costs, net |
437
|
5,461
|
Total long-term debt |
437
|
5,497
|
Less: deferred debt issuance costs, net |
|
(36)
|
Strong MDI 20 Year Installment Loan [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total short-term debt, net of issuance costs |
2,193
|
2,227
|
Insurance Note Payable [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total short-term debt, net of issuance costs |
433
|
83
|
Tenant Improvement Loan [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Long-term debt, net of deferred debt issuance costs, net |
108
|
126
|
Total long-term debt |
108
|
|
ICS Promissory Note [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Long-term debt, net of deferred debt issuance costs, net |
329
|
446
|
Total long-term debt |
329
|
|
Digital Ignition Buliding Loan [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Long-term debt, net of deferred debt issuance costs, net |
|
$ 4,925
|
X |
- DefinitionAmount of accumulated amortization of debt issuance costs classified as current.
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v3.24.2.u1
Debt (Details Narrative) $ in Millions |
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
|
Jan. 19, 2024 |
Feb. 01, 2022 |
Jan. 31, 2023
CAD ($)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Mar. 31, 2022
USD ($)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Dec. 31, 2021
USD ($)
|
Jun. 30, 2024
CAD ($)
|
Jan. 31, 2022
USD ($)
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Lease cost |
|
|
|
$ 159,000
|
$ 75,000
|
|
$ 334,000
|
$ 154,000
|
|
|
|
Operating lease costs |
|
|
|
$ 68,000
|
$ 23,000
|
|
$ 150,000
|
$ 57,000
|
|
|
|
Tenant Improvement Loan [Member] | Warehouse Facility [Member] |
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Lease cost |
|
|
|
|
|
|
|
|
$ 400,000
|
|
|
Landlord build cost percentage |
|
|
|
|
|
|
|
|
50.00%
|
|
|
Tenant Improvement Loan [Member] | Warehouse Agreement Borrowings [Member] |
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Operating lease costs |
|
|
|
|
|
$ 200,000
|
|
|
$ 200,000
|
|
|
Tenant Improvement Loan [Member] | Build Out Facility [Member] | Landlord [Member] |
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Funded lease costs |
|
|
|
|
|
$ 100,000
|
|
|
$ 100,000
|
|
|
ICS Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Promissory note |
|
|
|
5.00%
|
|
|
5.00%
|
|
|
5.00%
|
|
Promissory note |
|
|
|
$ 500,000
|
|
|
$ 500,000
|
|
|
|
|
Repaid in monthly installments |
|
|
|
|
|
|
$ 20,000
|
|
|
|
|
Insurance Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Promissory note |
|
|
|
9.70%
|
|
|
9.70%
|
|
|
9.70%
|
|
Credit Agreement [Member] | Strong MDI Installment Loans [Member] |
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Revolving line of credit |
|
|
$ 5.0
|
|
|
|
|
|
|
|
|
Installments in loan |
|
|
$ 3.1
|
|
|
|
|
|
|
|
|
Line of credit description |
|
|
(i)
the amount outstanding under the line of credit is payable on demand and bears interest at the lender’s prime rate plus 1.0%
and (ii) the amount outstanding under the 20-year installment loan bears interest at the lender’s prime rate plus 0.5% and is
payable in monthly installments, including interest, over their respective borrowing periods. The lender may also demand repayment
of the 20-year installment loan at any time. The 2023 Credit Agreement is secured by a lien on Strong/MDI’s Quebec, Canada
facility and substantially all of Strong/MDI’s assets. The 2023 Credit Agreement requires Strong/MDI to maintain a ratio of
liabilities to “effective equity” (tangible stockholders’ equity, less amounts receivable from affiliates and
equity holdings) not exceeding 2.5 to 1 and a fixed charge coverage ratio of not less than 1.1 times earnings before interest,
income taxes, depreciation and amortization. In connection with the IPO, the 20-year installment note did not transfer to the Company. In May 2023, Strong/MDI
and CIBC entered into an amendment to the 2023 Credit Agreement which reduced the amount available under the revolving line of
credit to CAD$3.4 million, and CIBC provided an undertaking to Strong/MDI to a release of CIBC’s security interest in certain
assets to be transferred to a subsidiary in connection with transactions related to the IPO
|
|
|
|
|
|
|
|
|
Credit Agreement [Member] | Strong MDI Installment Loans [Member] | Strong Global Entertainment [Member] |
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Line of credit description |
(a) CAD$6.0 million or (b) the sum of (i) 80% of Receivable Value, which includes all North American accounts receivable
of Strong/MDI and STS, and (ii) 50% of Inventory Value, but in no event may the amount in this clause (ii) exceed $1.5 million, minus
(iii) all Priority Claims (as defined in the demand credit agreement)
|
|
|
|
|
|
|
|
|
|
|
Revolving line of credit principal outstanding |
|
|
|
|
|
|
|
|
|
$ 4.0
|
|
Revolving line of credit outstanding |
|
|
|
|
|
|
$ 2,900,000
|
|
|
|
|
Promissory note |
|
|
|
8.20%
|
|
|
8.20%
|
|
|
8.20%
|
|
Commercial Loan Agreement [Member] | Digital Ignition Building Loan [Member] |
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Loans payable |
|
|
|
|
|
|
|
|
|
|
$ 5,300,000
|
Loan Agreement [Member] | Digital Ignition Building Loan [Member] |
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Debt instrument description |
|
The terms of the Note include (i) a fixed interest
rate of 4%, (ii) maturity date of February 1, 2027, (iii) monthly payments of approximately $32 thousand beginning on March 1, 2022,
and continuing on the first of each month until the maturity date or until the Note has been paid in full, (iv) a default interest of
8% in the event of a default pursuant to the terms of the Note, and (v) prepayment penalties of (a) 3% of all excess payments during
the first two years of the term of the Note, (b) 2% of all excess payments during the third and fourth years of the term of the Note,
and (c) 1% of all excess payments made during the fifth year of the term of the Note
|
|
|
|
|
|
|
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|
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v3.24.2.u1
Schedule of Maturity Analysis of Operating and Finance Lease Liabilities (Details) $ in Thousands |
Jun. 30, 2024
USD ($)
|
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract] |
|
Operating leases 2024 |
$ 110
|
Operating leases 2025 |
152
|
Operating leases 2026 |
81
|
Operating leases 2027 |
14
|
Operating leases, total lease payments |
357
|
Operating leases less: amount representing interest |
(19)
|
Operating leases obligations |
338
|
Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract] |
|
Finance leases 2024 |
176
|
Finance leases 2025 |
600
|
Finance leases 2026 |
468
|
Finance leases 2027 |
|
Finance leases total lease payments |
1,244
|
Finance leases less: amount representing interest |
(144)
|
Finance lease obligations |
$ 1,100
|
X |
- References
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v3.24.2.u1
Summary of Segment Reporting (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Segment Reporting Information [Line Items] |
|
|
|
|
|
Net premiums earned |
$ 3,697
|
|
$ 4,472
|
|
|
Net investment income |
(4,011)
|
(3,690)
|
(7,411)
|
(7,232)
|
|
Total revenue |
7,874
|
3,336
|
13,129
|
6,469
|
|
(Loss) income from continuing operations before income tax |
(6,149)
|
(6,298)
|
(11,248)
|
(11,083)
|
|
Segment assets |
98,404
|
|
98,404
|
|
$ 62,143
|
Product [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total revenue |
4,782
|
3,794
|
9,417
|
7,564
|
|
Service [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total revenue |
3,406
|
3,232
|
6,651
|
6,137
|
|
Insurance [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Net premiums earned |
3,697
|
|
4,472
|
|
|
Net investment income |
(365)
|
|
(819)
|
|
|
Total revenue |
3,332
|
|
3,653
|
|
|
(Loss) income from continuing operations before income tax |
203
|
|
(49)
|
|
|
Segment assets |
38,977
|
|
38,977
|
|
|
Insurance [Member] | Product [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total revenue |
|
|
|
|
|
Insurance [Member] | Service [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total revenue |
|
|
|
|
|
Asset Management [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Net premiums earned |
|
|
|
|
|
Net investment income |
(3,646)
|
(3,690)
|
(6,592)
|
(7,232)
|
|
Total revenue |
(3,646)
|
(3,690)
|
(6,592)
|
(7,232)
|
|
(Loss) income from continuing operations before income tax |
(3,758)
|
(4,121)
|
(6,706)
|
(6,041)
|
|
Segment assets |
32,857
|
|
32,857
|
|
|
Asset Management [Member] | Product [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total revenue |
|
|
|
|
|
Asset Management [Member] | Service [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total revenue |
|
|
|
|
|
Strong Global Entertainment [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Net premiums earned |
|
|
|
|
|
Net investment income |
|
|
|
|
|
Total revenue |
8,121
|
6,843
|
15,804
|
13,360
|
|
(Loss) income from continuing operations before income tax |
(737)
|
(1,261)
|
(1,444)
|
(1,403)
|
|
Segment assets |
12,505
|
|
12,505
|
|
|
Strong Global Entertainment [Member] | Product [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total revenue |
4,782
|
3,794
|
9,417
|
7,564
|
|
Strong Global Entertainment [Member] | Service [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total revenue |
3,339
|
3,049
|
6,387
|
5,796
|
|
Other Operating Segment [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Net premiums earned |
|
|
|
|
|
Net investment income |
|
|
|
|
|
Total revenue |
67
|
183
|
264
|
341
|
|
(Loss) income from continuing operations before income tax |
(1,857)
|
(916)
|
(3,049)
|
(3,639)
|
|
Segment assets |
14,065
|
|
14,065
|
|
|
Other Operating Segment [Member] | Product [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total revenue |
|
|
|
|
|
Other Operating Segment [Member] | Service [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total revenue |
$ 67
|
$ 183
|
$ 264
|
$ 341
|
|
X |
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v3.24.2.u1
Schedule Disaggregate Product Sales and Services Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
$ 8,188
|
$ 7,026
|
$ 16,068
|
$ 13,701
|
Screen System Sales [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
63
|
52
|
103
|
123
|
Digital Equipment Sales [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
4,356
|
3,537
|
8,594
|
7,063
|
Extended Warranty Sales [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
30
|
49
|
87
|
100
|
Other Product Sales [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
333
|
156
|
633
|
278
|
Product [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
4,782
|
3,794
|
9,417
|
7,564
|
Field Maintenance And Monitoring Services [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
1,896
|
1,912
|
3,806
|
3,803
|
Installation Services [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
1,236
|
1,038
|
2,172
|
1,840
|
Service, Other [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
274
|
282
|
673
|
494
|
Service [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
3,406
|
3,232
|
6,651
|
6,137
|
Strong Global Entertainment [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
8,121
|
6,843
|
15,804
|
13,360
|
Strong Global Entertainment [Member] | Screen System Sales [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
63
|
52
|
103
|
123
|
Strong Global Entertainment [Member] | Digital Equipment Sales [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
4,356
|
3,537
|
8,594
|
7,063
|
Strong Global Entertainment [Member] | Extended Warranty Sales [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
30
|
49
|
87
|
100
|
Strong Global Entertainment [Member] | Other Product Sales [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
333
|
156
|
633
|
278
|
Strong Global Entertainment [Member] | Product [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
4,782
|
3,794
|
9,417
|
7,564
|
Strong Global Entertainment [Member] | Field Maintenance And Monitoring Services [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
1,896
|
1,912
|
3,806
|
3,803
|
Strong Global Entertainment [Member] | Installation Services [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
1,236
|
1,038
|
2,172
|
1,840
|
Strong Global Entertainment [Member] | Service, Other [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
207
|
99
|
409
|
153
|
Strong Global Entertainment [Member] | Service [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
3,339
|
3,049
|
6,387
|
5,796
|
Other Operating Segment [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
67
|
183
|
264
|
341
|
Other Operating Segment [Member] | Screen System Sales [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
|
|
|
|
Other Operating Segment [Member] | Digital Equipment Sales [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
|
|
|
|
Other Operating Segment [Member] | Extended Warranty Sales [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
|
|
|
|
Other Operating Segment [Member] | Other Product Sales [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
|
|
|
|
Other Operating Segment [Member] | Product [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
|
|
|
|
Other Operating Segment [Member] | Field Maintenance And Monitoring Services [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
|
|
|
|
Other Operating Segment [Member] | Installation Services [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
|
|
|
|
Other Operating Segment [Member] | Service, Other [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
67
|
183
|
264
|
341
|
Other Operating Segment [Member] | Service [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
$ 67
|
$ 183
|
$ 264
|
$ 341
|
X |
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Schedule Disaggregate Revenue by the Timing of Transfer of Goods or Services (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
$ 8,188
|
$ 7,026
|
$ 16,068
|
$ 13,701
|
Transferred at Point in Time [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
6,527
|
5,350
|
12,615
|
10,360
|
Transferred over Time [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
1,661
|
1,676
|
3,453
|
3,341
|
Strong Global Entertainment [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
8,121
|
6,843
|
15,804
|
13,360
|
Strong Global Entertainment [Member] | Transferred at Point in Time [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
6,527
|
5,316
|
12,613
|
10,312
|
Strong Global Entertainment [Member] | Transferred over Time [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
1,594
|
1,527
|
3,191
|
3,048
|
Other Operating Segment [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
67
|
183
|
264
|
341
|
Other Operating Segment [Member] | Transferred at Point in Time [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
|
34
|
2
|
48
|
Other Operating Segment [Member] | Transferred over Time [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total |
$ 67
|
$ 149
|
$ 262
|
$ 293
|
X |
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v3.24.2.u1
Schedule of Products and Services Revenue by Geographic Area (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Total revenue |
$ 8,188
|
$ 7,026
|
$ 16,068
|
$ 13,701
|
UNITED STATES |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Total revenue |
8,022
|
6,904
|
15,750
|
13,480
|
CANADA |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Total revenue |
12
|
10
|
19
|
10
|
Europe [Member] |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Total revenue |
140
|
75
|
266
|
137
|
Asia [Member] |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Total revenue |
|
|
3
|
|
Other Country [Member] |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Total revenue |
$ 14
|
$ 37
|
$ 30
|
$ 74
|
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