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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, 2023
Or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission
File Number: 001-36366
FG
Financial Group, 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.) |
104
S. Walnut Street, Unit 1A, Itasca, IL 60143
(Address
of principal executive offices and zip code)
(847)
773-1665
(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, $25.00 par value per share |
|
FGFPP |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller
reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
Non-accelerated
filer ☒ |
Smaller
Reporting Company ☒ |
Emerging
Growth Company ☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The
number of shares outstanding of the registrant’s common stock as of August 10, 2023 was 10,303,739.
Table
of Contents
PART
I. FINANCIAL INFORMATION
ITEM
1. FINANCIAL STATEMENTS
FG
FINANCIAL GROUP, INC.
Consolidated
Balance Sheets
($
in thousands, except per share data)
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
(unaudited) | | |
| |
ASSETS | |
| | | |
| | |
Equity securities, at fair value
(cost basis of $1,916 and $889, respectively) | |
$ | 1,783 | | |
$ | 841 | |
Other investments | |
| 23,994 | | |
| 24,839 | |
Cash and cash equivalents | |
| 2,962 | | |
| 3,010 | |
Deferred policy acquisition costs | |
| 1,231 | | |
| 1,527 | |
Reinsurance balances receivable (net of current
expected losses allowance of $84 and zero, respectively) | |
| 10,608 | | |
| 9,269 | |
Funds deposited with reinsured companies | |
| 6,667 | | |
| 9,277 | |
Other assets | |
| 1,321 | | |
| 712 | |
Total assets | |
$ | 48,566 | | |
$ | 49,475 | |
| |
| | | |
| | |
LIABILITIES | |
| | | |
| | |
Loss and loss adjustment expense reserves | |
$ | 4,665 | | |
$ | 4,409 | |
Unearned premium reserves | |
| 6,270 | | |
| 6,823 | |
Accounts payable and accrued expenses | |
| 508 | | |
| 723 | |
Other liabilities | |
| 116 | | |
| 225 | |
Total liabilities | |
$ | 11,559 | | |
$ | 12,180 | |
| |
| | | |
| | |
Commitments and contingencies (Note 10) | |
| - | | |
| - | |
| |
| | | |
| | |
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, 2023 and December 31, 2022 | |
$ | 22,365 | | |
$ | 22,365 | |
Common stock, $0.001 par value; 100,000,000 shares authorized; 10,303,739
and 9,410,473 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | |
| 10 | | |
| 9 | |
Additional paid-in capital | |
| 52,302 | | |
| 50,021 | |
Accumulated deficit | |
| (37,670 | ) | |
| (35,100 | ) |
Total shareholders’
equity | |
| 37,007 | | |
| 37,295 | |
Total liabilities and shareholders’ equity | |
$ | 48,566 | | |
$ | 49,475 | |
See
accompanying notes to consolidated financial statements.
FG
FINANCIAL GROUP, INC.
Consolidated
Statements of Operations
($
in thousands, except per share data)
(Unaudited)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three
months ended June 30, | | |
Six
months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Revenue: | |
| | | |
| | | |
| | | |
| | |
Net premiums
earned | |
$ | 3,685 | | |
$ | 2,953 | | |
$ | 7,342 | | |
$ | 5,426 | |
Net investment (loss) income | |
| (1,529 | ) | |
| (3,714 | ) | |
| 1,311 | | |
| (6,059 | ) |
Other
income | |
| 30 | | |
| 26 | | |
| 60 | | |
| 50 | |
Total revenue | |
| 2,186 | | |
| (735 | ) | |
| 8,713 | | |
| (583 | ) |
| |
| | | |
| | | |
| | | |
| | |
Expenses: | |
| | | |
| | | |
| | | |
| | |
Net losses and loss adjustment
expenses | |
| 1,960 | | |
| 1,868 | | |
| 3,876 | | |
| 3,391 | |
Amortization of deferred
policy acquisition costs | |
| 817 | | |
| 606 | | |
| 1,529 | | |
| 1,318 | |
General
and administrative expenses | |
| 2,332 | | |
| 2,269 | | |
| 4,881 | | |
| 4,009 | |
Total expenses | |
| 5,109 | | |
| 4,743 | | |
| 10,286 | | |
| 8,718 | |
| |
| | | |
| | | |
| | | |
| | |
Net loss | |
$ | (2,923 | ) | |
$ | (5,478 | ) | |
$ | (1,573 | ) | |
$ | (9,301 | ) |
Dividends
declared on Series A Preferred Shares | |
| 444 | | |
| 447 | | |
| 891 | | |
| 894 | |
Loss attributable to FG Financial Group, Inc.
common shareholders | |
$ | (3,367 | ) | |
$ | (5,925 | ) | |
$ | (2,464 | ) | |
$ | (10,195 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted net loss per common share: | |
$ | (0.35 | ) | |
$ | (0.87 | ) | |
$ | (0.26 | ) | |
$ | (1.55 | ) |
Basic net loss per common
share continuing operations | |
$ | (0.35 | ) | |
$ | (0.87 | ) | |
$ | (0.26 | ) | |
$ | (1.55 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average common shares outstanding: | |
| | | |
| | | |
| | | |
| | |
Basic and diluted | |
| 9,704,893 | | |
| 6,775,501 | | |
| 9,564,225 | | |
| 6,589,296 | |
Weighted average common shares outstanding: Basic | |
| 9,704,893 | | |
| 6,775,501 | | |
| 9,564,225 | | |
| 6,589,296 | |
See
accompanying notes to consolidated financial statements.
FG
FINANCIAL GROUP, INC.
Consolidated
Statements of Shareholders’ Equity
(Unaudited)
($
in thousands)
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Inc. | |
| |
Preferred
Stock | | |
Common
Stock | | |
Paid-in | | |
Accumulated | | |
Total
Shareholders’ Equity attributable to FG Financial | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Inc. | |
Balance, January
1, 2022 | |
| 894,580 | | |
$ | 22,365 | | |
| 6,497,205 | | |
$ | 6 | | |
$ | 46,037 | | |
$ | (34,399 | ) | |
$ | 34,009 | |
Stock based compensation | |
| – | | |
| – | | |
| 30,796 | | |
| 1 | | |
| 62 | | |
| – | | |
| 63 | |
Dividends declared on Series
A Preferred Shares ($0.50 per share) | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (447 | ) | |
| (447 | ) |
Interests issued for contributed
cash | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | |
Net
loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (3,823 | ) | |
| (3,823 | ) |
Balance, March 31, 2022 | |
| 894,580 | | |
$ | 22,365 | | |
| 6,528,001 | | |
$ | 7 | | |
$ | 46,099 | | |
$ | (38,669 | ) | |
$ | 29,802 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common stock issuance | |
| - | | |
| - | | |
| 2,750,000 | | |
| 3 | | |
| 3,781 | | |
| - | | |
| 3,784 | |
Stock based compensation | |
| – | | |
| – | | |
| - | | |
| - | | |
| 53 | | |
| – | | |
| 52 | |
Dividends declared on Series
A Preferred Shares ($0.50 per share) | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (447 | ) | |
| (447 | ) |
Net
loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (5,478 | ) | |
| (5,478 | ) |
Balance, June 30, 2022 | |
| 894,580 | | |
$ | 22,365 | | |
| 9,278,001 | | |
$ | 9 | | |
$ | 49,933 | | |
$ | (44,549 | ) | |
$ | 27,713 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, January 1, 2023 | |
| 894,580 | | |
$ | 22,365 | | |
| 9,410,473 | | |
$ | 9 | | |
$ | 50,021 | | |
$ | (35,100 | ) | |
$ | 37,295 | |
Common stock issuance | |
| | | |
| | | |
| 27,186 | | |
| | | |
| 74 | | |
| | | |
| 74 | |
Stock based compensation | |
| – | | |
| – | | |
| 1,080 | | |
| - | | |
| 641 | | |
| – | | |
| 641 | |
Dividends declared on Series
A Preferred Shares ($0.50 per share) | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (447 | ) | |
| (447 | ) |
Net income | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 1,350 | | |
| 1,350 | |
Cumulative
effect of adoption of accounting guidance for expected credit losses at January 1, 2023 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (106 | ) | |
| (106 | ) |
Balance, March 31, 2023 | |
| 894,580 | | |
$ | 22,365 | | |
| 9,438,739 | | |
$ | 9 | | |
$ | 50,736 | | |
$ | (34,303 | ) | |
$ | 38,807 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common stock issuance | |
| - | | |
| - | | |
| 865,000 | | |
| 1 | | |
| 1,205 | | |
| - | | |
| 1,206 | |
Stock based compensation | |
| – | | |
| – | | |
| - | | |
| - | | |
| 361 | | |
| – | | |
| 361 | |
Dividends declared on Series
A Preferred Shares ($0.50 per share) | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (444 | ) | |
| (444 | ) |
Net
loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (2,923 | ) | |
| (2,923 | ) |
Net
income (loss) | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (2,923 | ) | |
| (2,923 | ) |
Balance, June 30, 2023 | |
| 894,580 | | |
$ | 22,365 | | |
| 10,303,739 | | |
$ | 10 | | |
$ | 52,302 | | |
$ | (37,670 | ) | |
$ | 37,007 | |
See
accompanying notes to consolidated financial statements.
FG
FINANCIAL GROUP, INC.
Consolidated
Statement of Cash Flows
(Unaudited)
(in
thousands)
| |
2023 | | |
2022 | |
| |
Six
months ended June 30, | |
| |
2023 | | |
2022 | |
Cash flows from operating
activities: | |
| | | |
| | |
Net loss | |
$ | (1,573 | ) | |
$ | (9,301 | ) |
Adjustments to reconcile net loss to net cash
used by operating activities: | |
| | | |
| | |
Net unrealized holding
(gain) loss on equity investments | |
| 85 | | |
| (8,073 | ) |
(Income) loss from equity
method investments, net of distributions received | |
| (732 | ) | |
| 8,347 | |
(Increase) in investment without a readily determinable fair value | |
| (250 | ) | |
| - | |
(Increase) in fair value of convertible note | |
| (177 | ) | |
| - | |
Net realized loss on sale
of equity investments | |
| 16 | | |
| 8,791 | |
Stock compensation expense | |
| 1,002 | | |
| 115 | |
Changes in operating assets and liabilities: | |
| | | |
| - | |
Reinsurance balances receivable | |
| (1,445 | ) | |
| (3,479 | ) |
Funds deposited with reinsured companies | |
| 2,609 | | |
| 464 | |
Deferred policy acquisition
costs | |
| 297 | | |
| (469 | ) |
Other assets | |
| (608 | ) | |
| (150 | ) |
Loss and loss adjustment
expense reserves | |
| 256 | | |
| 750 | |
Unearned premium reserves | |
| (554 | ) | |
| 2,558 | |
Accounts
payable, accrued expenses and other liabilities | |
| (323 | ) | |
| (567 | ) |
Net cash used by operating activities | |
| (1,397 | ) | |
| (1,014 | ) |
| |
| | | |
| | |
Cash flows from investing
activities: | |
| | | |
| | |
Purchases of furniture
and equipment | |
| - | | |
| (57 | ) |
Purchases of equity method
investments | |
| (50 | ) | |
| (6,795 | ) |
Purchases of other investments | |
| (700 | ) | |
| - | |
Distribution from equity
method investments | |
| 761 | | |
| 1,521 | |
Sales of equity securities | |
| 873 | | |
| 593 | |
Return
of capital – other investments | |
| 77 | | |
| 152 | |
Net cash provided (used) by investing activities | |
| 961 | | |
| (4,586 | ) |
| |
| | | |
| | |
Cash flows from financing
activities: | |
| | | |
| | |
Payment of dividends on
preferred shares | |
| (892 | ) | |
| (894 | ) |
Proceeds
from issuance of common stock, net | |
| 1,280 | | |
| 3,784 | |
Net cash provided by financing activities | |
| 388 | | |
| 2,890 | |
| |
| | | |
| | |
Net decrease in cash and cash equivalents | |
| (48 | ) | |
| (2,710 | ) |
Cash and cash equivalents
at beginning of period | |
| 3,010 | | |
| 15,542 | |
Cash and cash equivalents at end of period | |
$ | 2,962 | | |
$ | 12,832 | |
| |
| | | |
| | |
Non-Cash Investing Transactions: | |
| | | |
| | |
Equity securities in OppFi received in connection with FG Special Situations
Fund unwind | |
$ | 1,916 | | |
$ | - | |
See
accompanying notes to consolidated financial statements.
FG
FINANCIAL GROUP, INC.
Notes
to Consolidated Financial Statements
Note
1. Nature of Business
FG
Financial Group, Inc. (“FGF”, the “Company”, “we”, or “us”) is a reinsurance, merchant
banking and asset management holding company. We focus on opportunistic collateralized and loss capped reinsurance, while allocating
capital in partnership with Fundamental Global®, and from time to time, other strategic investors, to merchant banking
activities. The Company’s principal business operations are conducted through its subsidiaries and affiliates. The Company also
provides asset management services.
From
our inception in October 2012 through December 2019, we operated as an insurance holding company, writing property and casualty insurance
throughout the states of Louisiana, Florida, and Texas. On December 2, 2019, we sold our three former insurance subsidiaries to FedNat
Holding Company (“FedNat”) for a combination of cash and FedNat common stock, and embarked upon our current strategy focused
on reinsurance, merchant banking and asset management.
As
of June 30, 2023, FG Financial Holdings, LLC (“FG”), a private partnership focused on long-term strategic holdings, and its
affiliated entity, collectively beneficially owned approximately 55% of our common stock. D. Kyle Cerminara, Chairman of our Board of
Directors, serves as Chief Executive Officer, Co-Founder and Partner of FG.
Reincorporation
Effective
at 5:01 p.m. ET on December 9, 2022, the Company completed its reincorporation from a Delaware corporation to a Nevada corporation (the
“Reincorporation”). The Reincorporation was accomplished by means of a merger by and between the Company and its former wholly
owned subsidiary FG Financial Group, Inc., a Nevada corporation. As of December 9, 2022, the rights of the Company’s stockholders
began to be governed by the Nevada corporation laws, our Amended and Restated Nevada Articles of Incorporation and our Nevada Bylaws.
The Reincorporation was approved by the Company’s stockholders at a special meeting held on December 6, 2022.
Other
than the change in the state of incorporation, the Reincorporation did not result in any change in the business, physical location, management,
assets, liabilities or net worth of the Company, nor did it result in any change in location of the Company’s employees, including
the Company’s management.
The
Reincorporation did not alter any stockholder’s percentage ownership interest or number of shares owned in the Company and the
Company’s common stock continues to be quoted on the Nasdaq Global Market under the same symbol “FGF” and the 8.00%
Cumulative Preferred Stock, Series A of the Company continues to be quoted on the Nasdaq Global Market under the same symbol, “FGFPP.”
Current
Business
Our
strategy has evolved to focus on opportunistic collateralized and loss capped reinsurance, with capital allocation to merchant banking
activities with asymmetrical risk/reward opportunities. As part of our refined focus, we have adopted the following capital allocation
philosophy:
“Grow
intrinsic value per share with a long-term focus using fundamental research, allocating capital to
asymmetric risk/reward opportunities.”
Currently,
the business operates as a diversified holding company of insurance, reinsurance, asset management, our Special purpose acquisition corporation
“SPAC” Platform businesses, and our merchant banking division.
Insurance
Sponsor
Protection Coverage and Risk, Inc. has been formed as a special purpose captive in South Carolina to provide reinsurance coverage for
Sides A, B, & C Directors and Officers Liability insurance coverage for related and unrelated entities of FG Reinsurance Ltd (“FGRe”).
These will include SPAC entities engaged in the services or business of taking companies public, as well as small cap businesses performing
an initial public offering. Sponsor Protection Coverage and Risk, Inc. has yet to write any business.
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, 2023, the Company had six 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
FG
Strategic Consulting, LLC, (“FGSC”) a wholly owned subsidiary of the Company, looks to provide investment advisory services,
including identifying, analyzing and recommending potential investments, advising as to existing investments and investment optimization,
recommending investment dispositions, and providing advice regarding macro-economic conditions.
SPAC
Platform
On
December 21, 2020, we formed FG Management Solutions LLC (“FGMS”), formerly known as FG SPAC Solutions, LLC, a Delaware company,
to facilitate the launch of our “SPAC Platform.” Under the SPAC Platform, we provide various strategic, administrative, and
regulatory support services to newly formed SPACs for a monthly fee. Additionally, the Company co-founded a partnership, FG Merchant
Partners, LP (“FGMP”), formerly known as FG SPAC Partners, LP, to participate as a co-sponsor for newly formed SPACs. The
first transaction entered under the SPAC Platform occurred on January 11, 2021, by and among FGMS and Aldel Investors, LLC, the sponsor
of Aldel Financial, Inc. (“Aldel”), a special purpose acquisition company which completed its business combination with Hagerty,
Inc. (NYSE: HGTY) on December 2, 2021. Under the services agreement between FGMS and Aldel Investors, LLC (the “Agreement”),
FGMS provided accounting, regulatory, strategic advisory, and other administrative services to Aldel, which included assistance with
negotiations with potential merger targets for the SPAC as well as assistance with the de-SPAC process.
In
March and April 2022, the Company continued to build upon its SPAC Platform strategy. On March 3, 2022, FG Merger Corp. (“FG Merger”)
(Nasdaq: FGMCU) announced the closing of an $80.5 million IPO in the United States, including the exercise of the over-allotment option
granted to the underwriters in the offering. Similarly, on April 5, 2022, FG Acquisition Corp. (“FG Acquisition”) (TSX:FGAA.V),
announced the closing of a $115 million IPO in Canada, including the exercise of the over-allotment option granted to the underwriters
in the offering. The Company participated in the risk capital associated with the launch of the SPACs.
In
the aggregate, the Company’s exposure to FG Merger through its subsidiaries represents potential beneficial ownership of approximately
820,000 shares of FG Merger’s common stock, approximately 989,000 warrants with an $11.50 exercise price and 5-year expiration,
and approximately 85,000 warrants with a $15.00 exercise price and 10-year expiration. The Company has invested approximately $2.6 million
in FG Merger through its subsidiaries. The Company’s indirect exposure in FG Acquisition through its subsidiaries represents potential
beneficial ownership of approximately 819,000 shares of FG Acquisition’s common stock, approximately 1,400,000 warrants with an
$11.50 exercise price and 5-year expiration (the “FGAC Warrants”), approximately 440,000 warrants with a $15 exercise price
and 10-year expiration, and either (i) up to approximately an additional 1,600,000 FGAC Warrants, or (ii) up to approximately $2 million
in cash, or (iii) a pro-rata combination of such FGAC Warrants and cash, based on certain adjustment provisions and the level of redemptions
of FG Acquisition’s publicly traded warrants at the time of a business combination. The Company has invested approximately $3.4
million in FG Acquisition through its subsidiaries.
On
January 5, 2023, FG Merger entered into a Merger Agreement and Plan of Reorganization with iCoreConnect Inc. (“iCore”), a
market leading, cloud-based software and technology company focused on increasing workflow productivity and customer profitability through
its enterprise and healthcare workflow platform of applications and services.
On
May 12, 2023, FG Acquisition entered into a business combination agreement with ThinkMarkets, one of the fastest growing online and leveraged
trading multi-asset brokerages globally.
As
of June 30, 2023, neither FG Merger nor FG Acquisition had closed on their respective business combination agreement.
Merchant
Banking
In
the third quarter of 2022, the Company announced the expansion of its growth strategy through the formation of a merchant banking division.
In
the fourth quarter of 2022, the Company invested $2.0 million into its first merchant banking project, FG Communities, Inc.
(“FGC”). FGC is a self-managed real estate company focused on a growing portfolio of manufactured housing communities which
are owned and operated by FGC.
Note
2. Significant Accounting Policies
Basis
of Presentation
These
statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
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. The Company
continuously reassesses whether it should consolidate under either model.
In
September 2020, the Company invested approximately $5.0 million to sponsor the launch of the FG Special Situations Fund, LP (“The
Fund”). The Fund, a VIE which the Company was required to consolidate through November 30, 2021, is considered an investment company
for GAAP purposes and follows the accounting and reporting guidance in the Financial Accounting Standards Codification (“ASC”)
Topic 946, Financial Services-Investment Companies, which includes the presentation of its investments at fair value. On December 1,
2021, the Company’s investment became that of a limited partner, and it no longer had the power to govern the financial and operating
policies of the Fund, and thus, began to account for its investment in the Fund under the equity method of accounting.
During
the first quarter of 2023, it was determined that the Fund would begin the process of winding down, and all investment holdings held
in the name of the Fund would be transferred and distributed to members within the Fund based on their ownership percentage of each
respective holding. Prior to the unwinding, through the Fund, the Company held underlying investments in FGAC Investors LLC, FG
Merger Investors LLC, Greenfirst Forest Products Holdings LLC, and OppFi. The Fund, an investment company, carried each of these
investments at fair value. In June 2023, all transfers were completed, resulting in the Company being transferred direct limited
partner interests in FGAC Investors LLC, with a carrying value of $8.9
million, FG Merger Investors LLC, with a carrying value of $3.4
million, and Greenfirst Forest Products, LLC, with a carrying value of $1.4
million. The carrying value of these direct limited partner interests approximate to ownership of 29% of FGAC Investors LLC, 19% of
FG Merger Investors LLC, and 16% of Greenfirst Forest Products Holdings, LLC. The Fund also distributed OppFi publicly traded
securities to the Company with a carrying value of $1.9
million.
As previously mentioned, 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. The Company has determined that each of these entities meets the criteria of a VIE. For
each new position, the Company analyzed ASC 810 – Consolidation and has determined it is not the primary beneficiary of FGAC
Investors LLC, FG Merger Investors LLC or Greenfirst Forest Products Holdings LLC, but does have the ability to exercise significant
influence over each of these. Therefore, the Company will apply the equity method of accounting for each of these investments.
In
October of 2022, the Company invested $2.0 million
into FGC, which the Company has determined meets the criteria of a VIE. The Company holds this investment at cost, subject to any
adjustment from time to time due to impairment or observable price changes in orderly transactions. Due to its minority
interest and inability to govern the financial and operating policies of FGC, the Company has determined it is not the primary
beneficiary of FGC, and thus does not consolidate FGC. Due to the observable price change in the second quarter of 2023, the Company
now holds this investment as an asset measured at fair value on a nonrecurring basis.
The Company’s risk of loss associated with its
non-consolidated VIEs is limited. As of June 30, 2023, and December 31, 2022, the carrying value and maximum loss exposure of the Company’s
non-consolidated VIE’s was $14.2 million and $18.8 million, respectively.
See Note 4 for further information regarding the Company’s investments.
The
Use of Estimates in the Preparation of Consolidated Financial Statements
The
preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
affect the application of policies and the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities
at the date of the consolidated financial statements and the reported amounts of revenues and expenses for the reporting period. Actual
results could differ from these estimates. Estimates and their underlying assumptions are reviewed on an ongoing basis. Changes in estimates
are recorded in the accounting period in which they are determined. The critical accounting estimates and assumptions in the accompanying
consolidated financial statements include the valuation of our investments, current expected credit losses, the valuation of net deferred
income taxes and deferred policy acquisition costs, premium revenue recognition, reserves for loss and loss adjustment expenses, and
stock-based compensation expense.
Investments
in Equity Securities
Investments
in equity securities are carried at fair value with subsequent changes in fair value recorded to the Consolidated Statements of Operations
as a component of net investment income.
Other
Investments
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.
Other
investments also include a convertible note and a senior unsecured promissory note.
See
Note 4 for additional information regarding the Company’s investments.
Cash
and Cash Equivalents
Cash
and cash equivalents include cash and highly liquid investments 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, 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, 2023, 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.
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. The amendments in this update were effective for fiscal years beginning
after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted, however smaller reporting
companies, like the Company, could delay adoption until January 2023. 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. The adoption resulted in a cumulative-effect adjustment to increase accumulated deficit
by $0.1 million as of January 1, 2023. The Company updated the model as of June 30, 2023, resulting in a $0.0 million decrease to the
allowance for expected credit losses for the quarter ended June 30, 2023.
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.
Deferred
Policy Acquisition Costs
Policy
acquisition costs are costs that vary with, and are directly related to, the successful production of new and renewal 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.
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, 2023 and December 31, 2022, the total cash collateral posted to support all of our reinsurance treaties was
approximately $6.7 million and $9.3 million, respectively.
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
to update the initial expected loss ratio. We also 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. Client 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 client 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
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, 2023.
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. See Note 4 for further information on the fair value of the Company’s
financial instruments.
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.
Note
3. Recently Adopted and Issued Accounting Standards
Accounting
Standards Pending Adoption
As
discussed, the Company adopted ASU 2016-13 during the first quarter of 2023 using a modified retrospective transition method. The adoption
resulted in a cumulative-effect adjustment to increase accumulated deficit by $0.1 million as of January 1, 2023.
Note
4. Investments and Fair Value Disclosures
The
following table summarizes the Company’s equity securities held at fair value as of June 30, 2023 and December 31, 2022:
Schedule
of Equity Securities
(in thousands) | |
| | |
| | |
| | |
| |
As of June
30, 2023 | |
Cost
Basis | | |
Gross Unrealized Gains | | |
Gross Unrealized Losses | | |
Carrying Amount | |
OppFi common
stock | |
$ | 1,916 | | |
$ | – | | |
$ | 133 | | |
$ | 1,783 | |
Total investments | |
$ | 1,916 | | |
$ | – | | |
$ | 133 | | |
$ | 1,783 | |
As of December
31, 2022 | |
Cost
Basis | | |
Gross Unrealized Gains | | |
Gross Unrealized Losses | | |
Carrying Amount | |
Hagerty
common stock | |
$ | 889 | | |
$ | – | | |
$ | 48 | | |
$ | 841 | |
Total investments | |
$ | 889 | | |
$ | – | | |
$ | 48 | | |
$ | 841 | |
OppFi
Common Stock
As
a result of the Fund unwinding, the Company received approximately 860,000 shares of OppFi common stock. On the date of the distribution,
the common shares had an aggregate fair value of approximately $1.9 million.
Hagerty
Common Stock
On
December 15, 2022, FGMP distributed 99,999 common shares of Hagerty to the Company. On the date of distribution, the common shares had
an aggregate fair value of approximately $889,000. The Company sold the common shares during the first quarter of 2023 for a realized
loss of approximately $16,000.
Equity
Method Investments
Other
investments on the Company’s consolidated balance sheets include our equity method investments in FGMP, FGAC Investors LLC, FG
Merger Investors LLC, and Greenfirst Forest Products Holdings LLC.
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 48% 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 six months ended June 30, 2023, the Company has contributed
$0.1 million into FGMP. The Company has recorded equity method gains from FGMP of approximately $2.9 million for the six months ended
June 30, 2023. The carrying value of our investment in FGMP as of June 30, 2023 was approximately $8.7 million compared to $5.7 million
as of December 31, 2022. Of the $8.7 million carrying value of our investment in FGMP at June 30, 2023 the Company may allocate up to
approximately $0.8 million to incentivize and compensate individuals and entities for the successful merger of SPAC’s launched
under our platform.
Equity
method investments previously included our investment in the Fund. However, during the first quarter of 2023, it was determined that
the Fund would begin the process of winding down, and all investment holdings held in the name of the Fund would be transferred and
distributed to members within the Fund based on their ownership percentage of each respective holding. Prior to the unwinding,
through the Fund, the Company held underlying investments in FGAC Investors LLC, FG Merger Investors LLC, and Greenfirst Forest
Products Holdings LLC. The Fund, an investment company, carried each of these investments at fair value. In June 2023, all transfers
were completed, resulting in the Company being transferred direct limited partner interests in FGAC Investors LLC, with a carrying
value of $8.9 million, FG Merger Investors LLC, with a carrying value of $3.4 million, and Greenfirst Forest Products, LLC, with a
carrying value of $1.4 million. The Company 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 thus will account for each of these investments under
the equity method of accounting. For the three months ended June 30, 2023, the Company recorded an equity method loss of
approximately $0.2
million, $1.3
million and $0.3
million from FGAC Investors LLC, FG Merger Investors and Greenfirst Forest Products Holdings LLC, respectively. The combined
carrying value of these investments at June 30, 2023 was approximately $11.9
million.
Financial
information for our investments accounted for under the equity method, in the aggregate, is as follows:
Schedule
of Investments Under Equity Method
| |
As
of
June 30, 2023 | | |
As
of December 31, 2022 | |
(in thousands) | |
| | |
| |
Other investments | |
$ | 56,669 | | |
$ | 35,366 | |
Cash | |
| 262 | | |
| 113 | |
Other assets | |
| 187 | | |
| 165 | |
Total assets | |
| 57,118 | | |
| 35,644 | |
| |
| | | |
| | |
Accounts payable | |
$ | 52 | | |
$ | 65 | |
Total liabilities | |
| 52 | | |
| 65 | |
| |
Six
months ended June
30, 2023 | | |
Six
months ended June
30, 2022 | |
(in thousands) | |
| | |
| |
Net investment (loss) income | |
$ | 1,502 | | |
$ | (4,696 | ) |
General and administrative
expenses | |
| (87 | ) | |
| (66 | ) |
Net income (loss) | |
| 1,415 | | |
| (4,762 | ) |
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 SPAC equity.
Investments
without Readily Determinable Fair Value
In
addition to our equity method investments, other investments, as listed on our consolidated balance sheets, consist of equity we
have purchased in companies for which there does not exist a readily determinable fair value. The Company accounts for these
investments 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.
Due to an observable price change in an orderly transaction, the Company
recorded a $0.3 million increase to the carrying value of FGC for the three months ended June 30, 2023, as compared to zero for the three
months ended June 30, 2022 ($0.3 million and zero for the six months ended June 30, 2023 and 2022, respectively).
These amounts are included in net
investment income on the Company’s consolidated statements of operations. The Company’s total carrying value in investments without a readily determinable fair value was $2.3 million
as of June 30, 2023, compared to approximately $2.3
million as of December 31, 2022.
Other
Other
investments, in addition to equity method investments and investments without readily determinable fair value, include a convertible
promissory note and a senior unsecured promissory note. On March 15, 2023, the Company invested $500,000 in a convertible promissory
note with iCore. The promissory note has an interest rate of 15% annually, with interest payments due monthly, and matures on March 15,
2024. Beginning September 15, 2023, the Company has the option to convert any unpaid loan amount and all accrued and unpaid interest
into fully paid shares of iCore common stock, at a conversion price of $0.10 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, which as of June 30, 2023, the fair value is calculated to be $677,000,
compared to $500,000 on the initial date. The increase in the fair value of the instrument was recorded in the consolidated statements
of operations as net investment income.
On
March 16, 2023, the Company invested $200,000 in a senior unsecured loan to Craveworthy LLC (“Craveworthy”). The loan has
an interest rate of 13% and a maturity of March 15, 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.
Interest
accrued or received on notes are included in net investment income. The Company had a balance of $0.9 million related to notes receivable
included in other investments as of June 30, 2023, compared to zero as of December 31, 2022.
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 investments, 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 investment 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. |
We
have not recorded an impairment on our investments for either of the six months ended June 30, 2023 and 2022.
Net
investment income (loss) for the three and six months ended June 30, 2023 and 2022 is as follows:
Schedule
of Net Investment Income (Loss)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
($ in thousands) | |
Three
Months Ended June 30, | | |
Six
Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Investment income (loss): | |
| | | |
| | | |
| | | |
| | |
Realized loss
on common stock | |
$ | - | | |
$ | (5,914 | ) | |
$ | (16 | ) | |
$ | (8,791 | ) |
Change in unrealized holding
loss on common stock | |
| (133 | ) | |
| 5,299 | | |
| (85 | ) | |
| 8,073 | |
Equity method (loss) earnings | |
| (1,948 | ) | |
| (3,074 | ) | |
| 732 | | |
| (5,146 | ) |
Increase in investments without readily determinable fair value | |
| 250 | | |
| - | | |
| 250 | | |
| - | |
Increase in fair value
of convertible note | |
| 177 | | |
| - | | |
| 177 | | |
| - | |
Other | |
| 125 | | |
| (25 | ) | |
| 253 | | |
| (195 | ) |
Net investment (loss) income | |
$ | (1,529 | ) | |
$ | (3,714 | ) | |
$ | 1,311 | | |
$ | (6,059 | ) |
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, 2023 and December 31, 2022 in accordance with the guidance promulgated
by the FASB are as follows.
Schedule
of Financial Instruments Measured at Fair Value
(in thousands) | |
| | |
| | |
| | |
| |
| |
| | |
| | |
| | |
| |
As of June 30, 2023 | |
Level
1 | | |
Level
2 | | |
Level
3 | | |
Total | |
Opfi common
stock | |
$ | 1,783 | | |
$ | – | | |
$ | – | | |
$ | 1,783 | |
iCore convertible note | |
$ | – | | |
| – | | |
| 677 | | |
| 677 | |
| |
$ | 1,783 | | |
$ | – | | |
$ | 677 | | |
$ | 2,460 | |
| |
| | | |
| | | |
| | | |
| | |
As of December 31, 2022 | |
| | | |
| | | |
| | | |
| | |
Hagerty common stock | |
$ | 841 | | |
$ | – | | |
$ | – | | |
$ | 841 | |
| |
$ | 841 | | |
$ | – | | |
$ | – | | |
$ | 841 | |
The Company determined the fair value of the iCore
convertible note using level three inputs within a lattice model to calculate the implied probabilities of certain scenarios. The significant unobservable inputs used to measure the iCore convertible note as of June 30, 2023 include the following:
Schedule of Significant Unobservable Inputs
Stock
price on valuation date | |
$ | 0.15 | |
Exercise price per share | |
$ | 0.10 | |
Years to
expiration | |
| 0.7 | |
Volatility | |
| 65 | % |
Risk-free
rate | |
| 5.4 | % |
Dividend
yield | |
| 0.0 | % |
The
following tables provide a reconciliation of the fair value of recurring Level 3 fair value measurements for the three and six
months ending June 30, 2023 and June 30, 2022:
Schedule of Fair Value of Recurring Level 3 Fair
Value Measurements
| |
2023 | | |
2022 | |
(in thousands) | |
Six months ended June 30, | |
| |
2023 | | |
2022 | |
Assets: | |
| | | |
| | |
Convertible note | |
| | | |
| | |
Beginning balance | |
| - | | |
| - | |
Consideration paid | |
| 500 | | |
| - | |
Increase in fair value of convertible note | |
| 177 | | |
| - | |
Balance, June 30 | |
$ | 677 | | |
$ | - | |
| |
2023 | | |
2022 | |
(in thousands) | |
Three months ended June 30, | |
| |
2023 | | |
2022 | |
Assets: | |
| | |
| |
Convertible note | |
| | | |
| | |
Beginning balance | |
| 500 | | |
| - | |
Consideration paid | |
| - | | |
| - | |
Increase in fair value of convertible note | |
| 177 | | |
| - | |
Balance, June 30 | |
$ | 677 | | |
$ | - | |
Note
5. 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. This lag may impact the Company’s loss reserve estimates. The reports we receive from our cedents have pre-determined
due dates. In the case of the Company’s FAL contracts, second quarter 2023 premium and loss information will not be made available
to the Company until subsequent to the filing of this quarterly report. Thus, our second quarter results, including the loss and loss
adjustment expense reserves presented herein, have been based upon a combination of actual results from the 2023 calendar year as well
as forecasts for 2023 reported to us by the ceding companies. We have approximated second quarter 2023 results under our FAL contracts
based upon this historical and forecasted information.
While
the Company believes its estimate of loss and loss adjustment expense reserves are adequate as of June 30, 2023, 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, 2023 and 2022, is as follows:
Schedule
of Changes in Outstanding Loss and Loss Adjustment Expense Reserves
| |
2023 | | |
2022 | |
(in thousands) | |
Six
months ended June 30, | |
| |
2023 | | |
2022 | |
Balance, beginning of period, net of reinsurance | |
$ | 4,409 | | |
$ | 2,133 | |
Incurred related to: | |
| | | |
| | |
Current year | |
| 3,360 | | |
| 2,638 | |
Prior year | |
| 516 | | |
| 753 | |
Paid related to: | |
| | | |
| | |
Current year | |
| (2,875 | ) | |
| (1,590 | ) |
Prior
years | |
| (745 | ) | |
| (1,051 | ) |
Balance, June 30, net of reinsurance | |
$ | 4,665 | | |
$ | 2,883 | |
Note
6. Income Taxes
Actual
income tax expense (benefit) differs from the income tax expense computed by applying the applicable effective federal and state tax
rates to income before income tax expense as follows:
Schedule
of Reconciliation Effective Tax Rates
($ in thousands) | |
Three
months ended June 30, | | |
Six
months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Provision for taxes at U.S., statutory
marginal income tax rate of 21% | |
$ | (614 | ) | |
$ | (1,150 | ) | |
$ | (330 | ) | |
$ | (1,953 | ) |
Valuation allowance for deferred tax assets
deemed unrealizable | |
| 614 | | |
| 1,150 | | |
| 329 | | |
| 1,948 | |
Non-deductible expenses associated with the
Share Repurchase Transaction | |
| – | | |
| – | | |
| 1 | | |
| - | |
Share-based compensation | |
| – | | |
| - | | |
| - | | |
| 5 | |
Income tax expense (benefit) | |
$ | – | | |
$ | – | | |
$ | – | | |
$ | - | |
Deferred
income taxes reflect the net tax effects of temporary differences between carrying amounts of assets and liabilities for financial reporting
purposes as compared to the amounts used for income tax purposes. The Company’s gross deferred tax assets and liabilities are $9.6
million and $3.8 million as of June 30, 2023. The Company has recorded a valuation allowance against its deferred tax assets of $5.8
million, as of June 30, 2023, due to the uncertain nature surrounding our ability to realize these tax benefits in the future. Significant
components of the Company’s net deferred tax assets are as follows:
Schedule
of Deferred Income Taxes
(in thousands) | |
| | |
| |
| |
As
of
June 30, 2023 | | |
As
of
December 31, 2022 | |
Deferred income tax assets: | |
| | | |
| | |
Net operating
loss carryforward | |
$ | 4,567 | | |
$ | 4,171 | |
Loss and loss adjustment
expense reserves | |
| 41 | | |
| 39 | |
Unearned premium reserves | |
| 263 | | |
| 287 | |
Capital loss carryforward | |
| 4,317 | | |
| 4,313 | |
Share-based compensation | |
| 370 | | |
| 242 | |
Investments | |
| 10 | | |
| 5 | |
Other | |
| 8 | | |
| 9 | |
Deferred income tax assets | |
$ | 9,576 | | |
$ | 9,066 | |
Less:
Valuation allowance | |
| (5,815 | ) | |
| (5,463 | ) |
Deferred income tax assets net of valuation
allowance | |
$ | 3,761 | | |
$ | 3,603 | |
| |
| | | |
| | |
Deferred income tax liabilities: | |
| | | |
| | |
Investments | |
$ | 3,503 | | |
$ | 3,282 | |
Deferred
policy acquisition costs | |
| 258 | | |
| 321 | |
Deferred income tax liabilities | |
$ | 3,761 | | |
$ | 3,603 | |
| |
| | | |
| | |
Net deferred income tax
asset (liability) | |
$ | – | | |
$ | – | |
As
of June 30, 2023, the Company had net operating loss carryforwards (“NOLs”) for federal income tax purposes of approximately
$21.8 million, which will be available to offset future taxable income. Approximately $0.5 million expire on December 31, 2039, $0.1
million expire on December 31, 2040, and $1.6 million of the Company’s NOLs will expire on December 31, 2041. The remaining $19.6
million of the Company’s NOLs do not expire under current tax law. Additionally, the Company has approximately $21.7 million of
capital loss carryforward that can only be used to offset capital gains and which will expire in December 2026 if not used prior.
As
of June 30, 2023, the Company had no unrecognized tax benefits. The Company analyzed its tax positions in accordance with the provisions
of Accounting Standards Codification Topic 740, Income Taxes, and has determined that there are currently no uncertain tax positions.
The Company generally recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense.
Note
7. 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, 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.
In
addition, on March 24, 2023, the board of directors approved an employee 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.
RSUs
Outstanding
The
following table summarizes RSU activity for the six months ended June 30, 2023 and 2022:
Schedule
of Restricted Stock Units Activity
| |
| | |
Weighted | |
| |
| | |
Average | |
| |
Number of | | |
Grant Date | |
Restricted
Stock Units | |
Units | | |
Fair
Value | |
Non-vested units, January 1, 2023 | |
| 256,382 | | |
$ | 2.57 | |
Granted | |
| 785,000 | | |
| 2.80 | |
Vested | |
| (139,412 | ) | |
| 2.82 | |
Forfeited | |
| — | | |
| — | |
Non-vested units, June 30, 2023 | |
| 901,970 | | |
$ | 2.73 | |
| |
| | | |
| | |
Non-vested units, January 1, 2022 | |
| 164,655 | | |
$ | 4.35 | |
Granted | |
| — | | |
| — | |
Vested | |
| (30,796 | ) | |
| 4.45 | |
Forfeited | |
| — | | |
| — | |
Non-vested units, June 30, 2022 | |
| 133,859 | | |
$ | 4.33 | |
On
August 19, 2022, we issued a total of 158,225 RSUs to our non-employee directors. The RSUs vest in five equal annual installments, beginning
with the first anniversary of the grant date.
On
February 17, 2023, we granted a total of 415,000 RSUs to various members of the Company’s management. The RSUs vest in three equal
annual installments, beginning with the date the shares were granted.
On
January 18, 2021, the Company entered into an Equity Award Letter Agreement (the “Letter Agreement”) with Mr. Swets, pursuant
to which the Company clarified its intention to grant an additional 370,000 stock options, restricted shares or restricted stock units
pursuant to a future award, subject to the approval of an amended and/or new equity plan, among other conditions. On February 17, 2023,
in satisfaction of the obligations in the letter agreement, the Company granted 370,000 RSU’s to Mr. Swets that will vest on the
first anniversary of the grant date.
Restricted
Shares
On
July 31, 2022, the Company issued 25,000 restricted shares under the 2021 Equity Incentive Plan to an employee of the Company. The restriction
will be lifted on the first anniversary of the grant date.
Stock
Options Outstanding
On
January 12, 2021, in connection with Larry G. Swets, Jr.’s appointment as Chief Executive Officer, the Company entered into a Stock
Option Agreement (the “Stock Option”) with Mr. Swets. The Stock Option entitles Mr. Swets to purchase up to 130,000 shares
of the Company’s common stock at an exercise price of $3.38 per share. The Stock Option becomes vested and fully exercisable in
20% increments on each anniversary of the grant date, provided that Mr. Swets remains in the continuous service of the Company through
each applicable vesting date and that the Company’s book value per share has increased by 15% or more as compared to the Company’s
book value per share as of the fiscal year end prior. The Stock Option expires on January 11, 2031.
The
Stock Option contains performance and service conditions that affect vesting. Pursuant to ASC Topic 718- Stock Compensation, these
conditions have not been reflected in estimating the fair value of the award upon its grant date; however, the Company employed a Monte-Carlo
model to estimate the likelihood of satisfaction of the required performance and service conditions. This resulted in a derived service
period of approximately 3.3 years under the grant.
In
estimating the fair value of the Stock Option, the Company estimated volatility based on the historical volatility of our stock. The
risk-free interest rate is based on the U.S. Treasury Constant Maturity similar to the expected remaining life of the Stock Option. The
expected life of the Stock Option is assumed to be equivalent to its contractual term. The dividend rate is based on our historical rate,
which the Company anticipates will remain at zero. The following assumptions were used to determine the estimated fair value of the Stock
Option:
Schedule
of Fair Value of Stock Options
Expected volatility | |
| 45.60 | % |
Expected life (years) | |
| 10.00 | |
Risk-free interest rate | |
| 1.15 | % |
Dividend yield | |
| 0.00 | % |
The
following table summarizes activity for stock options issued for the six months ended June 30, 2023 and 2022.
Schedule
of Stock Option Activity
| |
| | |
Weighted | | |
Weighted Ave
Remaining | | |
Weighted
Ave Grant | | |
Aggregate | |
| |
| | |
Ave
Exercise | | |
Contractual | | |
Date
Fair | | |
Intrinsic | |
Common
Stock Options | |
Shares | | |
Price | | |
Term
(yrs) | | |
Value | | |
Value | |
Outstanding, January 1, 2023 | |
| 130,000 | | |
$ | 3.38 | | |
| 8.04 | | |
$ | 1.88 | | |
$ | - | |
Exercisable, January 1, 2023 | |
| – | | |
$ | – | | |
| – | | |
$ | – | | |
$ | – | |
Granted | |
| - | | |
| - | | |
| | | |
| – | | |
| – | |
Exercised | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | |
Cancelled | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | |
Outstanding, June 30, 2023 | |
| 130,000 | | |
$ | 3.38 | | |
| 7.54 | | |
$ | 1.88 | | |
$ | - | |
Exercisable, June 30, 2023 | |
| – | | |
$ | – | | |
| – | | |
$ | – | | |
$ | – | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Outstanding, January 1, 2022 | |
| 130,000 | | |
$ | 3.38 | | |
| 9.04 | | |
$ | 1.88 | | |
$ | 49,400 | |
Exercisable, January 1, 2022 | |
| – | | |
$ | – | | |
| – | | |
$ | – | | |
$ | – | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | | |
| – | |
Exercised | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | |
Cancelled | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | |
Outstanding, June 30, 2022 | |
| 130,000 | | |
$ | 3.38 | | |
| 8.79 | | |
$ | 1.88 | | |
$ | (249,600 | ) |
Exercisable, June 30, 2022 | |
| – | | |
$ | – | | |
| – | | |
$ | – | | |
$ | – | |
Total
stock-based compensation expense for the six months ended June 30, 2023 and 2022 was approximately $1.0 million and $115,000, respectively.
As of June 30, 2023, total unrecognized stock compensation expense of approximately $1.9 million remains, which will be recognized through
December 31, 2026. Stock compensation expense has been reflected in the Company’s financial statements as part of general and administrative
expense.
Warrants
No
warrants were granted or exercised during the six months ended June 30, 2023 and 2022. On February 24, 2022, 1,500,000 warrants with
an exercise price of $15.00 expired. As of June 30, 2023, the Company did not have any warrants outstanding.
Note
8. 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. Management believes that consideration paid for such services in each case approximates
fair value. 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, Mr. Swets and Mr. Baqar, our Executive Vice President and Chief Financial Officer, serve as manager 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. Baqar also holds a limited partner interest through Sequoia Financial LLC, an advisory firm for
which Mr. Baqar 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 a director of FGC.
iCoreConnect
On
March 15, 2023, the Company invested $500,000 in a convertible promissory note to support FG Merger Corp’s transaction with iCore.
FGMP owns underlying securities of FG Merger Corp. In addition, Mr. Cerminara, Mr. Swets and Mr. Baqar each invested separately in the
same convertible promissory note.
Craveworthy
On
March 16, 2023, the Company invested $200,000 in a senior unsecured loan to Craveworthy. Mr. Swets has an indirect interest in Craveworthy,
independent from the interests held by the Company through its ownership in FGMP.
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 $912,500 and $912,500 to FGM under the Shared Services Agreement for each of the six months ended June 30, 2023 and 2022,
respectively.
Note
9. Net Earnings Per Share
Net
earnings per share is computed by dividing net income by the weighted average number of common shares and common share equivalents outstanding
during the periods presented. In calculating diluted earnings per share, those potential common shares that are found to be anti-dilutive
are excluded from the calculation. The table below provides a summary of the numerators and denominators used in determining basic and
diluted earnings per share for the three and six months ended June 30, 2023 and 2022.
Schedule
of Numerators and Denominators Used in Calculation of Basic and Diluted Earnings Per Share
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
($ in thousands) | |
Three
months ended June 30, | | |
Six
months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Basic and diluted: | |
| | | |
| | | |
| | | |
| | |
Net loss from
continuing operations | |
$ | (2,923 | ) | |
$ | (5,478 | ) | |
$ | (1,573 | ) | |
$ | (9,301 | ) |
Dividends
declared on Series A Preferred Shares | |
| (444 | ) | |
| (447 | ) | |
| (891 | ) | |
| (894 | ) |
Loss attributable to FG
Financial Group, Inc. common shareholders from continuing operations | |
| (3,367 | ) | |
| (5,925 | ) | |
| (2,464 | ) | |
| (10,195 | ) |
Weighted average common
shares | |
| 9,704,893 | | |
| 6,775,501 | | |
| 9,564,225 | | |
| 6,589,296 | |
Loss per common share from continuing operations | |
$ | (0.35 | ) | |
$ | (0.87 | ) | |
$ | (0.26 | ) | |
$ | (1.55 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average common
shares outstanding | |
| 9,704,893 | | |
| 6,775,501 | | |
| 9,564,225 | | |
| 6,589,296 | |
The
following potentially dilutive securities outstanding as of June 30, 2023 and 2022 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, | |
| |
2023 | | |
2022 | |
Warrants to purchase common stock | |
| – | | |
| - | |
Options to purchase common stock | |
| 130,000 | | |
| 130,000 | |
Restricted stock units | |
| 901,970 | | |
| 133,859 | |
| |
| 1,031,970 | | |
| 263,859 | |
Note
10. Commitments and Contingencies
Legal
Proceedings:
As
of June 30, 2023, the Company was not aware of any material claims or actions pending or threatened
against us. 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.
Operating
Lease Commitments:
In
July 2021, the Company entered into a lease agreement for office space in St. Petersburg, FL. The lease had a term of 12 months and was
not renewed upon expiration. Total minimum rent over the 12-month term was approximately $17,000. Due to the short-term nature of the
lease, the Company recognized lease expense on a straight-line basis over the term of the lease, with any variable lease payments recognized
in the period in which the obligation for the payment occurred. Rent expense related to the St. Petersburg office was zero and approximately
$10,000 for the six months ended June 30, 2023 and June 30, 2022, respectively.
In
April 2022, the Company entered into a lease agreement for office space in Itasca, IL. The lease has a term of 44 months beginning on
May 1, 2022. Total minimum rent over the term of the lease is expected to be approximately $77,000. The Company has accounted for the
lease under ASC 842, Leases. The annual discount rate used for the Itasca office was 8%. As of June 30, 2023, the right of use asset
and lease liability are approximately $48,000, each, and held in “Other assets” and “Other liabilities” on the
balance sheet, respectively. Rent expense related to the Itasca office was approximately $10,000 and $3,500 for the six months ended
June 30, 2023 and June 30, 2022, respectively.
Impact
of Russian/Ukraine Conflict
Management
is currently evaluating the impact of rising interest rates, inflation and the Russia-Ukraine war and has concluded that while it is
reasonably possible that any of these could have a negative effect on the Company’s financial position and results of its operations,
the specific impact is not readily determinable as of the date of these unaudited consolidated financial statements. The unaudited consolidated
financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Note
11. Segment Reporting
The
Company has two operating segments—insurance and asset management. 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 investments made outside of reinsurance operations.
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, 2023 and 2022. The ‘other’ category in the table below
consists largely of corporate general and administrative expenses which have not been allocated to a specific segment. Segment assets
for the “other” category primarily consist of unrestricted cash in the amounts of $1.9 million and $11.4 million as of June
30, 2023 and 2022, respectively.
Summary
of Segment Reporting
(in thousands) | |
| | |
| | |
| | |
| |
For the three months
ended June 30, 2023 | |
Insurance | | |
Asset
Management | | |
Other | | |
Total | |
Net premiums earned | |
$ | 3,685 | | |
$ | – | | |
$ | – | | |
$ | 3,685 | |
Net investment (loss) income | |
| (192 | ) | |
| (1,343 | ) | |
| 6 | | |
| (1,529 | ) |
Other income | |
| - | | |
| 30 | | |
| - | | |
| 30 | |
Total revenue | |
| 3,493 | | |
| (1,313 | ) | |
| 6 | | |
| 2,186 | |
Income (loss) before income tax | |
| ) | |
| ) | |
| ) | |
| ) |
| |
| | | |
| | | |
| | | |
| | |
For the six months ended June 30, 2023 | |
| | | |
| | | |
| | | |
| | |
Net premiums earned | |
$ | 7,342 | | |
$ | – | | |
$ | – | | |
$ | 7,342 | |
Net investment loss | |
| 3,075 | | |
| (1,772 | ) | |
| 8 | | |
| 1,311 | |
Other income | |
| – | | |
| 60 | | |
| – | | |
| 60 | |
Total revenue | |
| 10,417 | | |
| (1,712 | ) | |
| 8 | | |
| 8,713 | |
Income (loss) before income tax | |
| | |
| ) | |
| ) | |
| ) |
| |
| | | |
| | | |
| | | |
| | |
As of June 30, 2023 | |
| | | |
| | | |
| | | |
| | |
Segment assets | |
$ | 29,281 | | |
$ | 16,195 | | |
$ | 3,090 | | |
$ | 48,566 | |
| |
| | | |
| | | |
| | | |
| | |
For the three months ended June 30, 2022 | |
| | | |
| | | |
| | | |
| | |
Net premiums earned | |
$ | 2,953 | | |
$ | – | | |
$ | – | | |
$ | 2,953 | |
Net investment income (loss) | |
| 64 | | |
| (3,778 | ) | |
| – | | |
| (3,714 | ) |
Other income | |
| – | | |
| 26 | | |
| – | | |
| 26 | |
Total revenue | |
| 3,017 | | |
| (3,752 | ) | |
| – | | |
| (735 | ) |
Income (loss) before income tax | |
| | |
| ) | |
| ) | |
| ) |
| |
| | | |
| | | |
| | | |
| | |
For the six months ended June 30, 2022 | |
| | | |
| | | |
| | | |
| | |
Net premiums earned | |
$ | 5,426 | | |
$ | – | | |
$ | – | | |
$ | 5,426 | |
Net investment loss | |
| (905 | ) | |
| (5,154 | ) | |
| – | | |
| (6,059 | ) |
Other income | |
| – | | |
| 50 | | |
| – | | |
| 50 | |
Total revenue | |
| 4,521 | | |
| (5,104 | ) | |
| – | | |
| (583 | ) |
Loss before income tax | |
| ) | |
| ) | |
| ) | |
| ) |
| |
| | | |
| | | |
| | | |
| | |
As of June 30, 2022 | |
| | | |
| | | |
| | | |
| | |
Segment assets | |
$ | 15,295 | | |
$ | 9,032 | | |
$ | 12,946 | | |
$ | 37,273 | |
Note
12. Subsequent Events
The
Corporation has evaluated subsequent events through the filing date of the financial statements and determined that there have been no
events that have occurred that would require additional disclosures.
FG
FINANCIAL GROUP, INC.
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 and in our Annual Report for the year ended December 31, 2022 on Form 10-K filed with
the Securities and Exchange Commission (“SEC”) on March 24, 2023.
Unless
context denotes otherwise, the terms “Company,” “FGF,” “we,” “us,” and “our,”
refer to FG Financial Group, 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: 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
FG
Financial Group, Inc. (“FGF”, the “Company”, “we”, or “us”) is a reinsurance, merchant
banking and asset management holding company. We focus on opportunistic collateralized and loss-capped reinsurance, while allocating
capital in partnership with Fundamental Global®, and from time to time, other strategic investors, to merchant banking activities.
The Company’s principal business operations are conducted through its subsidiaries and affiliates. From our inception in October
2012 through December 2019, we operated as an insurance holding company, writing property and casualty insurance throughout the states
of Louisiana, Florida, and Texas. On December 2, 2019, we sold our three former insurance subsidiaries, and embarked upon our current
strategy focused on reinsurance, merchant banking and asset management.
As
of June 30, 2023, FG Financial Holdings, LLC (“FG”), a private partnership focused on long-term strategic holdings, and its
affiliated entity collectively beneficially owned approximately 55.0% of our common stock. D. Kyle Cerminara, Chairman of our Board of
Directors, serves as Chief Executive Officer, Co-Founder and Partner of FG.
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 4, 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 SPAC equity.
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.
Upon
adoption of ASU 2016-13, the Company calculated an approximately $0.1 million allowance for expected credit losses for its reinsurance
balances receivable.
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.
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
Item 8, Note 3 – Recently Adopted and Issued Accounting Standards in the Notes to the Consolidated Financial Statements for a discussion
of recent accounting pronouncements and their effect, if any, on the Company.
Analysis
of Financial Condition
As
of June 30, 2023 Compared to December 31, 2022
Investments
See
Item 8, Note 4, Investments and Fair Value Disclosure, for information regarding the Company’s investments held at fair value
as of June 30, 2023 and December 31, 2022.
Equity
Method Investments
See
Item 8, Note 4, under the caption, “Equity Method Investments,” for information relating to the Company’s investments accounted
for under the equity method.
Investments
without Readily Determinable Fair Value
See
Item 8, Note 4, under the caption, “Investments without Readily Determinable Fair Value,” for information relating to Company investments
for which readily determinable fair values do not exist.
Asset measured at fair value on a nonrecurring
basis
See Item 8, Note 4, under the caption, “Asset
measured at fair value on a nonrecurring basis,” for information relating to Company investments for which the asset is measured
at fair value on a nonrecurring basis due to readily fair values not existing.
Funds
Deposited with Reinsured Companies
See
Item 8, Note 2, under the caption, “Funds Held by Cedents,” for information relating to FGRe’s collateral
deposits.
Reinsurance
Balances Receivable
Reinsurance
balances receivable were $10.6 million, net of a current expected loss allowance of $0.1 million, as of June 30, 2023 compared to $9.3
million as of December 31, 2022, representing net amounts due to the Company under our quota-share agreements. As the Company estimates
the ultimate premiums, loss expenses and other costs associated with some of these contracts, based on information received by us from
the ceding companies, a significant portion of this balance is based on estimates and, ultimately, may not be collected by the Company.
Net
Deferred Taxes
See
Item 8, Note 6, Income Taxes, for information relating to deferred income taxes.
Loss
and Loss Adjustment Expense Reserves
See
Item 8, Note 5, Loss and Loss Adjustment Expense Reserves, for information relating to loss and loss adjustment expense and
judgments required for recording such items.
Off
Balance Sheet Arrangements
None.
Shareholders’
Equity
8.00%
Cumulative Preferred Stock, Series A
The
total number of Series A Preferred Stock shares outstanding as of June 30, 2023 is 894,580.
Dividends
on the Series A Preferred Stock are cumulative from the date of original issue and are payable quarterly on the 15th day of March, June,
September and December of each year, when, as and if declared by our Board of Directors. Dividends are payable out of amounts legally
available therefore at a rate equal to 8.00% per annum per $25.00 of stated liquidation preference per share, or $2.00 per share of Series
A Preferred Stock per year. Our Board of Directors declared the second quarter 2023 dividend on the shares of Series A Preferred Stock
on May 12, 2023. The Series A Preferred Stock shares trade on the Nasdaq Stock Market under
the symbol “FGFPP.”
Common
Stock
In
June 2022, we sold a total of 2,750,000 shares of our common stock in an underwritten public offering, at a price of $1.58 per share,
for net proceeds of approximately $3.8 million. On August 2, 2022, ThinkEquity, the underwriter with respect to the public offering,
partially exercised its overallotment option and we sold an additional 71,770 shares of our common stock, at a price of 1.58 per share,
for net proceeds of $0.1 million. The Company intends to use the net proceeds from the underwritten public offering for working capital
and other general corporate purposes.
On
November 3, 2022, the Company entered into a Sales Agreement with ThinkEquity LLC, pursuant to which the Company may offer and sell,
from time to time through ThinkEquity LLC, shares of the Company’s common stock, subject to the terms and conditions of the Sales
Agreement. During the first quarter of 2023, the Company sold approximately 27,000 shares under the Sales Agreement for net proceeds
of approximately $74,000. On May 26, 2023, the Sales Agreement was terminated.
In
June of 2023, the Company sold a total of 865,000 shares of common stock in an underwritten public offering, at a price of $1.85 per
share, for net proceeds of approximately $1.3 million. The Company intends to use the net proceeds from the underwritten public offering
for general working capital purposes.
The
total number of common stock outstanding as of June 30, 2023 is 10,303,739.
Change
in Shareholders’ Equity
The
table below presents the primary components of changes to total shareholders’ equity for the six months ended June
30, 2023 and 2022.
| |
| | |
| | |
Total Shareholders’ | |
| |
Preferred | | |
Common | | |
Equity attributable | |
| |
Shares | | |
Shares | | |
to FG Financial | |
| |
Outstanding | | |
Outstanding | | |
Group,
Inc. | |
Balance, January 1, 2022 | |
| 894,580 | | |
| 6,497,205 | | |
$ | 34,009 | |
Stock compensation expense | |
| – | | |
| 30,796 | | |
| 115 | |
Dividends declared on Series A Preferred Stock | |
| – | | |
| – | | |
| (895 | ) |
Issuance of common stock | |
| | | |
| 2,750,000 | | |
| 3,785 | |
Net loss | |
| – | | |
| – | | |
| (9,301 | ) |
Balance, June 30, 2022 | |
| 894,580 | | |
| 9,278,001 | | |
$ | 27,713 | |
| |
| | | |
| | | |
| | |
Balance, January 1, 2023 | |
| 894,580 | | |
| 9,410,473 | | |
$ | 37,296 | |
Stock compensation expense | |
| – | | |
| 1,080 | | |
| 1,001 | |
Dividends declared on Series A Preferred Stock | |
| – | | |
| – | | |
| (891 | ) |
Issuance of common stock | |
| – | | |
| 892,186 | | |
| 1,280 | |
Net loss | |
| – | | |
| – | | |
| (1,573 | ) |
Cumulative effect of
adoption of accounting guidance for expected credit losses at January 1, 2023 | |
| - | | |
| - | | |
| (106 | ) |
Balance, June 30, 2023 | |
| 894,580 | | |
| 10,303,739 | | |
$ | 37,007 | |
Results
of Operations
Three
and Six Months Ended June 30, 2023 Compared with Three and Six Months Ended June 30, 2022
Net
Premiums Earned
Net
premiums earned represent actual premiums earned on our reinsurance agreements as well as estimated premiums earned on our FAL agreement
as disclosed previously. All actual and estimated premiums earned are the result of property and casualty assumed premium. For the six
months ended June 30, 2023 and 2022, earned premiums are approximately $7.3 million and $5.4 million, respectively. The increase in reinsurance
premiums was due primarily to the additional reinsurance agreement entered into with FAL to cover risks written by the syndicate during
the calendar year 2023.
Net
Investment Income
Net
investment income (loss) for the three and six months ended June 30, 2023 and 2022 is as follows:
($ in thousands) | |
Three
Months Ended June 30, | | |
Six
Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Investment income (loss): | |
| | | |
| | | |
| | | |
| | |
Realized loss
on common stock | |
$ | - | | |
$ | (5,914 | ) | |
$ | (16 | ) | |
$ | (8,791 | ) |
Change in unrealized holding
loss on common stock | |
| (133 | ) | |
| 5,299 | | |
| (85 | ) | |
| 8,073 | |
Equity method (loss) earnings | |
| (1,948 | ) | |
| (3,074 | ) | |
| 732 | | |
| (5,146 | ) |
Increase in investments without a readily determinable fair value | |
| 250 | | |
| - | | |
| 250 | | |
| - | |
Increase in fair value
of convertible note | |
| 177 | | |
| - | | |
| 177 | | |
| - | |
Other | |
| 125 | | |
| (25 | ) | |
| 253 | | |
| (195 | ) |
Net investment (loss) income | |
$ | (1,529 | ) | |
$ | (3,714 | ) | |
$ | 1,311 | | |
$ | (6,059 | ) |
Other
Income
Other
income was $60,000 compared to $50,000 for the six months ended June 30, 2023 and 2022, respectively, and is primarily comprised of service
fee revenue we have earned under our SPAC Platform.
Net
Losses and Loss Adjustment Expenses
Net
losses and loss adjustment expenses (“LAE”) for the three months ended June 30,
2023 and 2022, were $2.0 million and $1.9 million, respectively ($3.9M and $3.4M for the six months ended June 30, 2023 and 2022, respectively).
As discussed under Note 5, Loss and Loss Adjustment Expense Reserves, a portion of this charge represents an estimate based upon a full
calendar year forecast of results provided to us by the ceding companies under our FAL arrangements.
General
and Administrative Expenses
General
and administrative expenses increased by $0.9 million to $4.9 million for the six months ended June 30, 2023, compared to $4.0
million for the six months ended June 30, 2022. The increase was primarily due to an increase in stock compensation expense, which
is a non-cash charge to the consolidated statements of operations.
Income
Tax Expense (Benefit)
Our
actual effective tax rate varies from the statutory federal income tax rates as shown in the following table.
($ in thousands) | |
Three
months ended June 30, | | |
Six
months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Provision for taxes at U.S., statutory
marginal income tax rate of 21% | |
$ | (614 | ) | |
$ | (1,150 | ) | |
$ | (330 | ) | |
$ | (1,953 | ) |
Valuation allowance for deferred tax assets
deemed unrealizable | |
| 614 | | |
| 1,150 | | |
| 329 | | |
| 1,948 | |
Non-deductible expenses associated with the
Share Repurchase Transaction | |
| – | | |
| – | | |
| 1 | | |
| – | |
Share-based compensation | |
| – | | |
| – | | |
| - | | |
| 5 | |
Income tax expense (benefit) | |
$ | – | | |
$ | – | | |
$ | – | | |
$ | – | |
As
of June 30, 2023 and 2022, the Company has gross deferred tax assets of approximately $9.6 million and $7.9 million, respectively; however
the Company has recorded a valuation allowance against all of its deferred tax assets due to the uncertain nature surrounding our ability
to realize these tax benefits in the future, resulting in a net deferred income tax asset of $0 as of June 30, 2023 and 2022.
Net
Loss
Information
regarding our net loss and loss per share for the three months and six months ended June 30, 2023 and 2022 is as shown in the following
table:
($ in thousands) | |
Three
months ended June 30, | | |
Six
months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Basic and diluted: | |
| | | |
| | | |
| | | |
| | |
Net loss from
continuing operations | |
$ | (2,923 | ) | |
$ | (5,478 | ) | |
$ | (1,573 | ) | |
$ | (9,301 | ) |
Dividends
declared on Series A Preferred Shares | |
| (444 | ) | |
| (447 | ) | |
| (891 | ) | |
| (894 | ) |
Loss attributable to FG
Financial Group, Inc. common shareholders from continuing operations | |
| (3,367 | ) | |
| (5,925 | ) | |
| (2,464 | ) | |
| (10,195 | ) |
Weighted average common
shares | |
| 9,704,893 | | |
| 6,775,501 | | |
| 9,564,225 | | |
| 6,589,296 | |
Loss per common share from continuing operations | |
$ | (0.35 | ) | |
$ | (0.87 | ) | |
$ | (0.26 | ) | |
$ | (1.55 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average common
shares outstanding | |
| 9,704,893 | | |
| 6,775,501 | | |
| 9,564,225 | | |
| 6,589,296 | |
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 and
from the proceeds from the sales of our common stock. Cash provided from these sources has historically been used for making investments,
loss and LAE payments, as well as other operating expenses.
Cash
Flows
The
following table summarizes the Company’s consolidated cash flows for the six months ended June 30, 2023 and 2022.
(in thousands) | |
Six
months ended June 30, | |
Summary of Cash Flows | |
2023 | | |
2022 | |
Cash and cash equivalents –
beginning of period | |
$ | 3,010 | | |
$ | 15,542 | |
| |
| | | |
| | |
Net cash used by operating activities | |
| (1,397 | ) | |
| (1,014 | ) |
Net cash provided (used) by investing activities | |
| 961 | | |
| (4,586 | ) |
Net cash provided by
financing activities | |
| 388 | | |
| 2,890 | |
Net decrease in cash
and cash equivalents | |
| (48 | ) | |
| (2,710 | ) |
| |
| | | |
| | |
Cash and cash equivalents – end of period | |
$ | 2,962 | | |
$ | 12,832 | |
For
the six months ended June 30, 2023, net cash used by operating activities was approximately $1.4 million, primarily driven by our net
loss of approximately $1.5 million for the period.
For
the six months ended June 30, 2023, net cash provided by investing activities was $1.0 million, primarily related to the sale of equity
securities, offset by our investment into a convertible note.
Net
cash provided by financing activities was approximately $0.4 million, as a result of our common stock offering for approximately $1.3
million offset by cash dividends declared on our Series A Preferred Shares for approximately $0.9 million.
For
the six months ended June 30, 2022, net cash used by operating activities was approximately $1.0 million, the major drivers of which
were as follows:
|
● |
Our
net loss of approximately $9.3 million for the period; |
|
● |
Approximately
$8.0 million for a non-cash charge related to the unrealized holding gain, offset by $8.8 million in realized loss on sale associated
with our shares of FedNat common stock; and |
|
● |
Approximately
$8.3 million for a non-cash charge related to the unrealized holding gains on our various investments. |
For
the six months ended June 30, 2022, net cash used by investing activities was $4.6 million primarily related to our increased investment
in the Fund to sponsor FG Merger and FG Acquisition.
Net
cash provided by financing activities was approximately $2.9 million, as a result of our common stock offering for approximately $3.8
million offset by cash dividends declared on our Series A Preferred Shares for approximately $0.9 million.
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, 2023. 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, 2023, that materially affected, or are reasonably likely to materially affect, our internal
control over financial reporting.
PART
II. OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS
As
of June 30, 2023, the Company was not a party to any legal proceedings and was not aware of any
material claims or actions pending or threatened against us. 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.
ITEM
1A. RISK FACTORS
There
have been no material changes 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, 2022 filed with the SEC on March 24, 2023.
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
*
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.
|
|
FG
FINANCIAL GROUP, INC. |
|
|
|
|
Date: |
August
10, 2023 |
By: |
/s/
Larry G. Swets, Jr. |
|
|
|
Larry
G. Swets, Jr., Chief Executive Officer |
|
|
|
(principal
executive officer) |
|
|
|
|
Date: |
August
10, 2023 |
By: |
/s/
Hassan R. Baqar |
|
|
|
Hassan
R. Baqar, 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,
Larry G. Swets, Jr., certify that:
1. |
I
have reviewed this quarterly report on Form 10-Q for the quarterly period ended June 30, 2023 of FG Financial Group, 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 10, 2023 |
|
|
|
|
By: |
/s/
Larry G. Swets, Jr. |
|
|
Larry
G. Swets, Jr., 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,
Hassan R. Baqar, certify that:
1. |
I
have reviewed this quarterly report on Form 10-Q for the quarterly period ended June 30, 2023 of FG Financial Group, 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 10, 2023 |
|
|
|
|
By: |
/s/
Hassan R. Baqar |
|
|
Hassan
R. Baqar, 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 FG Financial Group, Inc. (the “Company”)
for the quarterly period ended June 30, 2023, as filed with the Securities and Exchange Commission on the date hereof, I, Larry G. Swets,
Jr., 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 10, 2023 |
|
|
|
|
By: |
/s/
Larry G. Swets, Jr. |
|
|
Larry
G. Swets, Jr., 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 FG Financial Group, Inc. (the “Company”)
for the quarterly period ended June 30, 2023, as filed with the Securities and Exchange Commission on the date hereof, I, Hassan R. Baqar,
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 10, 2023 |
|
|
|
|
By: |
/s/
Hassan R. Baqar |
|
|
Hassan
R. Baqar, Chief Financial Officer |
|
|
(Principal
Financial Officer and Principal
Accounting
Officer) |
|
v3.23.2
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 10, 2023 |
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Jun. 30, 2023
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-36366
|
|
Entity Registrant Name |
FG
Financial Group, Inc.
|
|
Entity Central Index Key |
0001591890
|
|
Entity Tax Identification Number |
46-1119100
|
|
Entity Incorporation, State or Country Code |
NV
|
|
Entity Address, Address Line One |
104
S. Walnut Street
|
|
Entity Address, Address Line Two |
Unit 1A
|
|
Entity Address, City or Town |
Itasca
|
|
Entity Address, State or Province |
IL
|
|
Entity Address, Postal Zip Code |
60143
|
|
City Area Code |
(847)
|
|
Local Phone Number |
773-1665
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
|
10,303,739
|
Common Stock, $0.001 par value per share |
|
|
Title of 12(b) Security |
Common
Stock, $0.001 par value per share
|
|
Trading Symbol |
FGF
|
|
Security Exchange Name |
NASDAQ
|
|
8.00% Cumulative Preferred Stock, Series A, $25.00 par value per share |
|
|
Title of 12(b) Security |
8.00%
Cumulative Preferred Stock, Series A, $25.00 par value per share
|
|
Trading Symbol |
FGFPP
|
|
Security Exchange Name |
NASDAQ
|
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v3.23.2
Consolidated Balance Sheets - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
ASSETS |
|
|
Equity securities, at fair value (cost basis of $1,916 and $889, respectively) |
$ 1,783
|
$ 841
|
Other investments |
23,994
|
24,839
|
Cash and cash equivalents |
2,962
|
3,010
|
Deferred policy acquisition costs |
1,231
|
1,527
|
Reinsurance balances receivable (net of current expected losses allowance of $84 and zero, respectively) |
10,608
|
9,269
|
Funds deposited with reinsured companies |
6,667
|
9,277
|
Other assets |
1,321
|
712
|
Total assets |
48,566
|
49,475
|
LIABILITIES |
|
|
Loss and loss adjustment expense reserves |
4,665
|
4,409
|
Unearned premium reserves |
6,270
|
6,823
|
Accounts payable and accrued expenses |
508
|
723
|
Other liabilities |
116
|
225
|
Total liabilities |
11,559
|
12,180
|
Commitments and contingencies (Note 10) |
|
|
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, 2023 and December 31, 2022 |
22,365
|
22,365
|
Common stock, $0.001 par value; 100,000,000 shares authorized; 10,303,739 and 9,410,473 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively |
10
|
9
|
Additional paid-in capital |
52,302
|
50,021
|
Accumulated deficit |
(37,670)
|
(35,100)
|
Total shareholders’ equity |
37,007
|
37,295
|
Total liabilities and shareholders’ equity |
$ 48,566
|
$ 49,475
|
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v3.23.2
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Equity securities, cost basis |
$ 1,916
|
$ 889
|
Reinsurance losses allowance |
$ 84
|
$ 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 |
10,303,739
|
9,410,473
|
Common stock, shares outstanding |
10,303,739
|
9,410,473
|
X |
- DefinitionAmortized cost of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).
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v3.23.2
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Revenue: |
|
|
|
|
Net premiums earned |
$ 3,685
|
$ 2,953
|
$ 7,342
|
$ 5,426
|
Net investment (loss) income |
(1,529)
|
(3,714)
|
1,311
|
(6,059)
|
Other income |
30
|
26
|
60
|
50
|
Total revenue |
2,186
|
(735)
|
8,713
|
(583)
|
Expenses: |
|
|
|
|
Net losses and loss adjustment expenses |
1,960
|
1,868
|
3,876
|
3,391
|
Amortization of deferred policy acquisition costs |
817
|
606
|
1,529
|
1,318
|
General and administrative expenses |
2,332
|
2,269
|
4,881
|
4,009
|
Total expenses |
5,109
|
4,743
|
10,286
|
8,718
|
Net loss |
(2,923)
|
(5,478)
|
(1,573)
|
(9,301)
|
Dividends declared on Series A Preferred Shares |
444
|
447
|
891
|
894
|
Loss attributable to FG Financial Group, Inc. common shareholders |
$ (3,367)
|
$ (5,925)
|
$ (2,464)
|
$ (10,195)
|
Basic net loss per common share continuing operations |
$ (0.35)
|
$ (0.87)
|
$ (0.26)
|
$ (1.55)
|
Diluted net loss per common share continuing operations |
$ (0.35)
|
$ (0.87)
|
$ (0.26)
|
$ (1.55)
|
Weighted average common shares outstanding: |
|
|
|
|
Weighted average common shares outstanding: Basic |
9,704,893
|
6,775,501
|
9,564,225
|
6,589,296
|
Weighted average common shares outstanding: Diluted |
9,704,893
|
6,775,501
|
9,564,225
|
6,589,296
|
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v3.23.2
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands |
Preferred Stock [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Dec. 31, 2021 |
$ 22,365
|
$ 6
|
$ 46,037
|
$ (34,399)
|
$ 34,009
|
Beginning balance, shares at Dec. 31, 2021 |
894,580
|
6,497,205
|
|
|
|
Stock based compensation |
|
$ 1
|
62
|
|
63
|
Stock based compensation, shares |
|
30,796
|
|
|
|
Dividends declared on Series A Preferred Shares ($0.50 per share) |
|
|
|
(447)
|
(447)
|
Interests issued for contributed cash |
|
|
|
|
|
Net income (loss) |
|
|
|
(3,823)
|
(3,823)
|
Ending balance, value at Mar. 31, 2022 |
$ 22,365
|
$ 7
|
46,099
|
(38,669)
|
29,802
|
Ending balance, shares at Mar. 31, 2022 |
894,580
|
6,528,001
|
|
|
|
Beginning balance, value at Dec. 31, 2021 |
$ 22,365
|
$ 6
|
46,037
|
(34,399)
|
34,009
|
Beginning balance, shares at Dec. 31, 2021 |
894,580
|
6,497,205
|
|
|
|
Net income (loss) |
|
|
|
|
(9,301)
|
Ending balance, value at Jun. 30, 2022 |
$ 22,365
|
$ 9
|
49,933
|
(44,549)
|
27,713
|
Ending balance, shares at Jun. 30, 2022 |
894,580
|
9,278,001
|
|
|
|
Beginning balance, value at Mar. 31, 2022 |
$ 22,365
|
$ 7
|
46,099
|
(38,669)
|
29,802
|
Beginning balance, shares at Mar. 31, 2022 |
894,580
|
6,528,001
|
|
|
|
Stock based compensation |
|
|
53
|
|
52
|
Dividends declared on Series A Preferred Shares ($0.50 per share) |
|
|
|
(447)
|
(447)
|
Net income (loss) |
|
|
|
(5,478)
|
(5,478)
|
Common stock issuance |
|
$ 3
|
3,781
|
|
3,784
|
Common stock issuance, shares |
|
2,750,000
|
|
|
|
Ending balance, value at Jun. 30, 2022 |
$ 22,365
|
$ 9
|
49,933
|
(44,549)
|
27,713
|
Ending balance, shares at Jun. 30, 2022 |
894,580
|
9,278,001
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 22,365
|
$ 9
|
50,021
|
(35,100)
|
37,295
|
Beginning balance, shares at Dec. 31, 2022 |
894,580
|
9,410,473
|
|
|
|
Stock based compensation |
|
|
641
|
|
641
|
Stock based compensation, shares |
|
1,080
|
|
|
|
Dividends declared on Series A Preferred Shares ($0.50 per share) |
|
|
|
(447)
|
(447)
|
Net income (loss) |
|
|
|
1,350
|
1,350
|
Common stock issuance |
|
|
74
|
|
74
|
Common stock issuance, shares |
|
27,186
|
|
|
|
Cumulative effect of adoption of accounting guidance for expected credit losses at January 1, 2023 |
|
|
|
(106)
|
(106)
|
Ending balance, value at Mar. 31, 2023 |
$ 22,365
|
$ 9
|
50,736
|
(34,303)
|
38,807
|
Ending balance, shares at Mar. 31, 2023 |
894,580
|
9,438,739
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 22,365
|
$ 9
|
50,021
|
(35,100)
|
37,295
|
Beginning balance, shares at Dec. 31, 2022 |
894,580
|
9,410,473
|
|
|
|
Net income (loss) |
|
|
|
|
(1,573)
|
Ending balance, value at Jun. 30, 2023 |
$ 22,365
|
$ 10
|
52,302
|
(37,670)
|
37,007
|
Ending balance, shares at Jun. 30, 2023 |
894,580
|
10,303,739
|
|
|
|
Beginning balance, value at Mar. 31, 2023 |
$ 22,365
|
$ 9
|
50,736
|
(34,303)
|
38,807
|
Beginning balance, shares at Mar. 31, 2023 |
894,580
|
9,438,739
|
|
|
|
Stock based compensation |
|
|
361
|
|
361
|
Dividends declared on Series A Preferred Shares ($0.50 per share) |
|
|
|
(444)
|
(444)
|
Net income (loss) |
|
|
|
(2,923)
|
(2,923)
|
Common stock issuance |
|
$ 1
|
1,205
|
|
1,206
|
Common stock issuance, shares |
|
865,000
|
|
|
|
Ending balance, value at Jun. 30, 2023 |
$ 22,365
|
$ 10
|
$ 52,302
|
$ (37,670)
|
$ 37,007
|
Ending balance, shares at Jun. 30, 2023 |
894,580
|
10,303,739
|
|
|
|
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Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash flows from operating activities: |
|
|
Net loss |
$ (1,573)
|
$ (9,301)
|
Adjustments to reconcile net loss to net cash used by operating activities: |
|
|
Net unrealized holding (gain) loss on equity investments |
85
|
(8,073)
|
(Income) loss from equity method investments, net of distributions received |
(732)
|
8,347
|
(Increase) in investment without a readily determinable fair value |
(250)
|
|
(Increase) in fair value of convertible note |
(177)
|
|
Net realized loss on sale of equity investments |
16
|
8,791
|
Stock compensation expense |
1,002
|
115
|
Changes in operating assets and liabilities: |
|
|
Reinsurance balances receivable |
(1,445)
|
(3,479)
|
Funds deposited with reinsured companies |
2,609
|
464
|
Deferred policy acquisition costs |
297
|
(469)
|
Other assets |
(608)
|
(150)
|
Loss and loss adjustment expense reserves |
256
|
750
|
Unearned premium reserves |
(554)
|
2,558
|
Accounts payable, accrued expenses and other liabilities |
(323)
|
(567)
|
Net cash used by operating activities |
(1,397)
|
(1,014)
|
Cash flows from investing activities: |
|
|
Purchases of furniture and equipment |
|
(57)
|
Purchases of equity method investments |
(50)
|
(6,795)
|
Purchases of other investments |
(700)
|
|
Distribution from equity method investments |
761
|
1,521
|
Sales of equity securities |
873
|
593
|
Return of capital – other investments |
77
|
152
|
Net cash provided (used) by investing activities |
961
|
(4,586)
|
Cash flows from financing activities: |
|
|
Payment of dividends on preferred shares |
(892)
|
(894)
|
Proceeds from issuance of common stock, net |
1,280
|
3,784
|
Net cash provided by financing activities |
388
|
2,890
|
Net decrease in cash and cash equivalents |
(48)
|
(2,710)
|
Cash and cash equivalents at beginning of period |
3,010
|
15,542
|
Cash and cash equivalents at end of period |
2,962
|
12,832
|
Non-Cash Investing Transactions: |
|
|
Equity securities in OppFi received in connection with FG Special Situations Fund unwind |
$ 1,916
|
|
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v3.23.2
Nature of Business
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Nature of Business |
Note
1. Nature of Business
FG
Financial Group, Inc. (“FGF”, the “Company”, “we”, or “us”) is a reinsurance, merchant
banking and asset management holding company. We focus on opportunistic collateralized and loss capped reinsurance, while allocating
capital in partnership with Fundamental Global®, and from time to time, other strategic investors, to merchant banking
activities. The Company’s principal business operations are conducted through its subsidiaries and affiliates. The Company also
provides asset management services.
From
our inception in October 2012 through December 2019, we operated as an insurance holding company, writing property and casualty insurance
throughout the states of Louisiana, Florida, and Texas. On December 2, 2019, we sold our three former insurance subsidiaries to FedNat
Holding Company (“FedNat”) for a combination of cash and FedNat common stock, and embarked upon our current strategy focused
on reinsurance, merchant banking and asset management.
As
of June 30, 2023, FG Financial Holdings, LLC (“FG”), a private partnership focused on long-term strategic holdings, and its
affiliated entity, collectively beneficially owned approximately 55% of our common stock. D. Kyle Cerminara, Chairman of our Board of
Directors, serves as Chief Executive Officer, Co-Founder and Partner of FG.
Reincorporation
Effective
at 5:01 p.m. ET on December 9, 2022, the Company completed its reincorporation from a Delaware corporation to a Nevada corporation (the
“Reincorporation”). The Reincorporation was accomplished by means of a merger by and between the Company and its former wholly
owned subsidiary FG Financial Group, Inc., a Nevada corporation. As of December 9, 2022, the rights of the Company’s stockholders
began to be governed by the Nevada corporation laws, our Amended and Restated Nevada Articles of Incorporation and our Nevada Bylaws.
The Reincorporation was approved by the Company’s stockholders at a special meeting held on December 6, 2022.
Other
than the change in the state of incorporation, the Reincorporation did not result in any change in the business, physical location, management,
assets, liabilities or net worth of the Company, nor did it result in any change in location of the Company’s employees, including
the Company’s management.
The
Reincorporation did not alter any stockholder’s percentage ownership interest or number of shares owned in the Company and the
Company’s common stock continues to be quoted on the Nasdaq Global Market under the same symbol “FGF” and the 8.00%
Cumulative Preferred Stock, Series A of the Company continues to be quoted on the Nasdaq Global Market under the same symbol, “FGFPP.”
Current
Business
Our
strategy has evolved to focus on opportunistic collateralized and loss capped reinsurance, with capital allocation to merchant banking
activities with asymmetrical risk/reward opportunities. As part of our refined focus, we have adopted the following capital allocation
philosophy:
“Grow
intrinsic value per share with a long-term focus using fundamental research, allocating capital to
asymmetric risk/reward opportunities.”
Currently,
the business operates as a diversified holding company of insurance, reinsurance, asset management, our Special purpose acquisition corporation
“SPAC” Platform businesses, and our merchant banking division.
Insurance
Sponsor
Protection Coverage and Risk, Inc. has been formed as a special purpose captive in South Carolina to provide reinsurance coverage for
Sides A, B, & C Directors and Officers Liability insurance coverage for related and unrelated entities of FG Reinsurance Ltd (“FGRe”).
These will include SPAC entities engaged in the services or business of taking companies public, as well as small cap businesses performing
an initial public offering. Sponsor Protection Coverage and Risk, Inc. has yet to write any business.
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, 2023, the Company had six 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
FG
Strategic Consulting, LLC, (“FGSC”) a wholly owned subsidiary of the Company, looks to provide investment advisory services,
including identifying, analyzing and recommending potential investments, advising as to existing investments and investment optimization,
recommending investment dispositions, and providing advice regarding macro-economic conditions.
SPAC
Platform
On
December 21, 2020, we formed FG Management Solutions LLC (“FGMS”), formerly known as FG SPAC Solutions, LLC, a Delaware company,
to facilitate the launch of our “SPAC Platform.” Under the SPAC Platform, we provide various strategic, administrative, and
regulatory support services to newly formed SPACs for a monthly fee. Additionally, the Company co-founded a partnership, FG Merchant
Partners, LP (“FGMP”), formerly known as FG SPAC Partners, LP, to participate as a co-sponsor for newly formed SPACs. The
first transaction entered under the SPAC Platform occurred on January 11, 2021, by and among FGMS and Aldel Investors, LLC, the sponsor
of Aldel Financial, Inc. (“Aldel”), a special purpose acquisition company which completed its business combination with Hagerty,
Inc. (NYSE: HGTY) on December 2, 2021. Under the services agreement between FGMS and Aldel Investors, LLC (the “Agreement”),
FGMS provided accounting, regulatory, strategic advisory, and other administrative services to Aldel, which included assistance with
negotiations with potential merger targets for the SPAC as well as assistance with the de-SPAC process.
In
March and April 2022, the Company continued to build upon its SPAC Platform strategy. On March 3, 2022, FG Merger Corp. (“FG Merger”)
(Nasdaq: FGMCU) announced the closing of an $80.5 million IPO in the United States, including the exercise of the over-allotment option
granted to the underwriters in the offering. Similarly, on April 5, 2022, FG Acquisition Corp. (“FG Acquisition”) (TSX:FGAA.V),
announced the closing of a $115 million IPO in Canada, including the exercise of the over-allotment option granted to the underwriters
in the offering. The Company participated in the risk capital associated with the launch of the SPACs.
In
the aggregate, the Company’s exposure to FG Merger through its subsidiaries represents potential beneficial ownership of approximately
820,000 shares of FG Merger’s common stock, approximately 989,000 warrants with an $11.50 exercise price and 5-year expiration,
and approximately 85,000 warrants with a $15.00 exercise price and 10-year expiration. The Company has invested approximately $2.6 million
in FG Merger through its subsidiaries. The Company’s indirect exposure in FG Acquisition through its subsidiaries represents potential
beneficial ownership of approximately 819,000 shares of FG Acquisition’s common stock, approximately 1,400,000 warrants with an
$11.50 exercise price and 5-year expiration (the “FGAC Warrants”), approximately 440,000 warrants with a $15 exercise price
and 10-year expiration, and either (i) up to approximately an additional 1,600,000 FGAC Warrants, or (ii) up to approximately $2 million
in cash, or (iii) a pro-rata combination of such FGAC Warrants and cash, based on certain adjustment provisions and the level of redemptions
of FG Acquisition’s publicly traded warrants at the time of a business combination. The Company has invested approximately $3.4
million in FG Acquisition through its subsidiaries.
On
January 5, 2023, FG Merger entered into a Merger Agreement and Plan of Reorganization with iCoreConnect Inc. (“iCore”), a
market leading, cloud-based software and technology company focused on increasing workflow productivity and customer profitability through
its enterprise and healthcare workflow platform of applications and services.
On
May 12, 2023, FG Acquisition entered into a business combination agreement with ThinkMarkets, one of the fastest growing online and leveraged
trading multi-asset brokerages globally.
As
of June 30, 2023, neither FG Merger nor FG Acquisition had closed on their respective business combination agreement.
Merchant
Banking
In
the third quarter of 2022, the Company announced the expansion of its growth strategy through the formation of a merchant banking division.
In
the fourth quarter of 2022, the Company invested $2.0 million into its first merchant banking project, FG Communities, Inc.
(“FGC”). FGC is a self-managed real estate company focused on a growing portfolio of manufactured housing communities which
are owned and operated by FGC.
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v3.23.2
Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Significant Accounting Policies |
Note
2. Significant Accounting Policies
Basis
of Presentation
These
statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
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. The Company
continuously reassesses whether it should consolidate under either model.
In
September 2020, the Company invested approximately $5.0 million to sponsor the launch of the FG Special Situations Fund, LP (“The
Fund”). The Fund, a VIE which the Company was required to consolidate through November 30, 2021, is considered an investment company
for GAAP purposes and follows the accounting and reporting guidance in the Financial Accounting Standards Codification (“ASC”)
Topic 946, Financial Services-Investment Companies, which includes the presentation of its investments at fair value. On December 1,
2021, the Company’s investment became that of a limited partner, and it no longer had the power to govern the financial and operating
policies of the Fund, and thus, began to account for its investment in the Fund under the equity method of accounting.
During
the first quarter of 2023, it was determined that the Fund would begin the process of winding down, and all investment holdings held
in the name of the Fund would be transferred and distributed to members within the Fund based on their ownership percentage of each
respective holding. Prior to the unwinding, through the Fund, the Company held underlying investments in FGAC Investors LLC, FG
Merger Investors LLC, Greenfirst Forest Products Holdings LLC, and OppFi. The Fund, an investment company, carried each of these
investments at fair value. In June 2023, all transfers were completed, resulting in the Company being transferred direct limited
partner interests in FGAC Investors LLC, with a carrying value of $8.9
million, FG Merger Investors LLC, with a carrying value of $3.4
million, and Greenfirst Forest Products, LLC, with a carrying value of $1.4
million. The carrying value of these direct limited partner interests approximate to ownership of 29% of FGAC Investors LLC, 19% of
FG Merger Investors LLC, and 16% of Greenfirst Forest Products Holdings, LLC. The Fund also distributed OppFi publicly traded
securities to the Company with a carrying value of $1.9
million.
As previously mentioned, 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. The Company has determined that each of these entities meets the criteria of a VIE. For
each new position, the Company analyzed ASC 810 – Consolidation and has determined it is not the primary beneficiary of FGAC
Investors LLC, FG Merger Investors LLC or Greenfirst Forest Products Holdings LLC, but does have the ability to exercise significant
influence over each of these. Therefore, the Company will apply the equity method of accounting for each of these investments.
In
October of 2022, the Company invested $2.0 million
into FGC, which the Company has determined meets the criteria of a VIE. The Company holds this investment at cost, subject to any
adjustment from time to time due to impairment or observable price changes in orderly transactions. Due to its minority
interest and inability to govern the financial and operating policies of FGC, the Company has determined it is not the primary
beneficiary of FGC, and thus does not consolidate FGC. Due to the observable price change in the second quarter of 2023, the Company
now holds this investment as an asset measured at fair value on a nonrecurring basis.
The Company’s risk of loss associated with its
non-consolidated VIEs is limited. As of June 30, 2023, and December 31, 2022, the carrying value and maximum loss exposure of the Company’s
non-consolidated VIE’s was $14.2 million and $18.8 million, respectively.
See Note 4 for further information regarding the Company’s investments.
The
Use of Estimates in the Preparation of Consolidated Financial Statements
The
preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
affect the application of policies and the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities
at the date of the consolidated financial statements and the reported amounts of revenues and expenses for the reporting period. Actual
results could differ from these estimates. Estimates and their underlying assumptions are reviewed on an ongoing basis. Changes in estimates
are recorded in the accounting period in which they are determined. The critical accounting estimates and assumptions in the accompanying
consolidated financial statements include the valuation of our investments, current expected credit losses, the valuation of net deferred
income taxes and deferred policy acquisition costs, premium revenue recognition, reserves for loss and loss adjustment expenses, and
stock-based compensation expense.
Investments
in Equity Securities
Investments
in equity securities are carried at fair value with subsequent changes in fair value recorded to the Consolidated Statements of Operations
as a component of net investment income.
Other
Investments
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.
Other
investments also include a convertible note and a senior unsecured promissory note.
See
Note 4 for additional information regarding the Company’s investments.
Cash
and Cash Equivalents
Cash
and cash equivalents include cash and highly liquid investments 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, 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, 2023, 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.
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. The amendments in this update were effective for fiscal years beginning
after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted, however smaller reporting
companies, like the Company, could delay adoption until January 2023. 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. The adoption resulted in a cumulative-effect adjustment to increase accumulated deficit
by $0.1 million as of January 1, 2023. The Company updated the model as of June 30, 2023, resulting in a $0.0 million decrease to the
allowance for expected credit losses for the quarter ended June 30, 2023.
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.
Deferred
Policy Acquisition Costs
Policy
acquisition costs are costs that vary with, and are directly related to, the successful production of new and renewal 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.
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, 2023 and December 31, 2022, the total cash collateral posted to support all of our reinsurance treaties was
approximately $6.7 million and $9.3 million, respectively.
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
to update the initial expected loss ratio. We also 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. Client 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 client 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
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, 2023.
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. See Note 4 for further information on the fair value of the Company’s
financial instruments.
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.
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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
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v3.23.2
Recently Adopted and Issued Accounting Standards
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Changes and Error Corrections [Abstract] |
|
Recently Adopted and Issued Accounting Standards |
Note
3. Recently Adopted and Issued Accounting Standards
Accounting
Standards Pending Adoption
As
discussed, the Company adopted ASU 2016-13 during the first quarter of 2023 using a modified retrospective transition method. The adoption
resulted in a cumulative-effect adjustment to increase accumulated deficit by $0.1 million as of January 1, 2023.
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- DefinitionThe entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.
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v3.23.2
Investments and Fair Value Disclosures
|
6 Months Ended |
Jun. 30, 2023 |
Investments And Fair Value Disclosures |
|
Investments and Fair Value Disclosures |
Note
4. Investments and Fair Value Disclosures
The
following table summarizes the Company’s equity securities held at fair value as of June 30, 2023 and December 31, 2022:
Schedule
of Equity Securities
(in thousands) | |
| | |
| | |
| | |
| |
As of June
30, 2023 | |
Cost
Basis | | |
Gross Unrealized Gains | | |
Gross Unrealized Losses | | |
Carrying Amount | |
OppFi common
stock | |
$ | 1,916 | | |
$ | – | | |
$ | 133 | | |
$ | 1,783 | |
Total investments | |
$ | 1,916 | | |
$ | – | | |
$ | 133 | | |
$ | 1,783 | |
As of December
31, 2022 | |
Cost
Basis | | |
Gross Unrealized Gains | | |
Gross Unrealized Losses | | |
Carrying Amount | |
Hagerty
common stock | |
$ | 889 | | |
$ | – | | |
$ | 48 | | |
$ | 841 | |
Total investments | |
$ | 889 | | |
$ | – | | |
$ | 48 | | |
$ | 841 | |
OppFi
Common Stock
As
a result of the Fund unwinding, the Company received approximately 860,000 shares of OppFi common stock. On the date of the distribution,
the common shares had an aggregate fair value of approximately $1.9 million.
Hagerty
Common Stock
On
December 15, 2022, FGMP distributed 99,999 common shares of Hagerty to the Company. On the date of distribution, the common shares had
an aggregate fair value of approximately $889,000. The Company sold the common shares during the first quarter of 2023 for a realized
loss of approximately $16,000.
Equity
Method Investments
Other
investments on the Company’s consolidated balance sheets include our equity method investments in FGMP, FGAC Investors LLC, FG
Merger Investors LLC, and Greenfirst Forest Products Holdings LLC.
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 48% 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 six months ended June 30, 2023, the Company has contributed
$0.1 million into FGMP. The Company has recorded equity method gains from FGMP of approximately $2.9 million for the six months ended
June 30, 2023. The carrying value of our investment in FGMP as of June 30, 2023 was approximately $8.7 million compared to $5.7 million
as of December 31, 2022. Of the $8.7 million carrying value of our investment in FGMP at June 30, 2023 the Company may allocate up to
approximately $0.8 million to incentivize and compensate individuals and entities for the successful merger of SPAC’s launched
under our platform.
Equity
method investments previously included our investment in the Fund. However, during the first quarter of 2023, it was determined that
the Fund would begin the process of winding down, and all investment holdings held in the name of the Fund would be transferred and
distributed to members within the Fund based on their ownership percentage of each respective holding. Prior to the unwinding,
through the Fund, the Company held underlying investments in FGAC Investors LLC, FG Merger Investors LLC, and Greenfirst Forest
Products Holdings LLC. The Fund, an investment company, carried each of these investments at fair value. In June 2023, all transfers
were completed, resulting in the Company being transferred direct limited partner interests in FGAC Investors LLC, with a carrying
value of $8.9 million, FG Merger Investors LLC, with a carrying value of $3.4 million, and Greenfirst Forest Products, LLC, with a
carrying value of $1.4 million. The Company 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 thus will account for each of these investments under
the equity method of accounting. For the three months ended June 30, 2023, the Company recorded an equity method loss of
approximately $0.2
million, $1.3
million and $0.3
million from FGAC Investors LLC, FG Merger Investors and Greenfirst Forest Products Holdings LLC, respectively. The combined
carrying value of these investments at June 30, 2023 was approximately $11.9
million.
Financial
information for our investments accounted for under the equity method, in the aggregate, is as follows:
Schedule
of Investments Under Equity Method
| |
As
of
June 30, 2023 | | |
As
of December 31, 2022 | |
(in thousands) | |
| | |
| |
Other investments | |
$ | 56,669 | | |
$ | 35,366 | |
Cash | |
| 262 | | |
| 113 | |
Other assets | |
| 187 | | |
| 165 | |
Total assets | |
| 57,118 | | |
| 35,644 | |
| |
| | | |
| | |
Accounts payable | |
$ | 52 | | |
$ | 65 | |
Total liabilities | |
| 52 | | |
| 65 | |
| |
Six
months ended June
30, 2023 | | |
Six
months ended June
30, 2022 | |
(in thousands) | |
| | |
| |
Net investment (loss) income | |
$ | 1,502 | | |
$ | (4,696 | ) |
General and administrative
expenses | |
| (87 | ) | |
| (66 | ) |
Net income (loss) | |
| 1,415 | | |
| (4,762 | ) |
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 SPAC equity.
Investments
without Readily Determinable Fair Value
In
addition to our equity method investments, other investments, as listed on our consolidated balance sheets, consist of equity we
have purchased in companies for which there does not exist a readily determinable fair value. The Company accounts for these
investments 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.
Due to an observable price change in an orderly transaction, the Company
recorded a $0.3 million increase to the carrying value of FGC for the three months ended June 30, 2023, as compared to zero for the three
months ended June 30, 2022 ($0.3 million and zero for the six months ended June 30, 2023 and 2022, respectively).
These amounts are included in net
investment income on the Company’s consolidated statements of operations. The Company’s total carrying value in investments without a readily determinable fair value was $2.3 million
as of June 30, 2023, compared to approximately $2.3
million as of December 31, 2022.
Other
Other
investments, in addition to equity method investments and investments without readily determinable fair value, include a convertible
promissory note and a senior unsecured promissory note. On March 15, 2023, the Company invested $500,000 in a convertible promissory
note with iCore. The promissory note has an interest rate of 15% annually, with interest payments due monthly, and matures on March 15,
2024. Beginning September 15, 2023, the Company has the option to convert any unpaid loan amount and all accrued and unpaid interest
into fully paid shares of iCore common stock, at a conversion price of $0.10 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, which as of June 30, 2023, the fair value is calculated to be $677,000,
compared to $500,000 on the initial date. The increase in the fair value of the instrument was recorded in the consolidated statements
of operations as net investment income.
On
March 16, 2023, the Company invested $200,000 in a senior unsecured loan to Craveworthy LLC (“Craveworthy”). The loan has
an interest rate of 13% and a maturity of March 15, 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.
Interest
accrued or received on notes are included in net investment income. The Company had a balance of $0.9 million related to notes receivable
included in other investments as of June 30, 2023, compared to zero as of December 31, 2022.
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 investments, 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 investment 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. |
We
have not recorded an impairment on our investments for either of the six months ended June 30, 2023 and 2022.
Net
investment income (loss) for the three and six months ended June 30, 2023 and 2022 is as follows:
Schedule
of Net Investment Income (Loss)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
($ in thousands) | |
Three
Months Ended June 30, | | |
Six
Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Investment income (loss): | |
| | | |
| | | |
| | | |
| | |
Realized loss
on common stock | |
$ | - | | |
$ | (5,914 | ) | |
$ | (16 | ) | |
$ | (8,791 | ) |
Change in unrealized holding
loss on common stock | |
| (133 | ) | |
| 5,299 | | |
| (85 | ) | |
| 8,073 | |
Equity method (loss) earnings | |
| (1,948 | ) | |
| (3,074 | ) | |
| 732 | | |
| (5,146 | ) |
Increase in investments without readily determinable fair value | |
| 250 | | |
| - | | |
| 250 | | |
| - | |
Increase in fair value
of convertible note | |
| 177 | | |
| - | | |
| 177 | | |
| - | |
Other | |
| 125 | | |
| (25 | ) | |
| 253 | | |
| (195 | ) |
Net investment (loss) income | |
$ | (1,529 | ) | |
$ | (3,714 | ) | |
$ | 1,311 | | |
$ | (6,059 | ) |
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, 2023 and December 31, 2022 in accordance with the guidance promulgated
by the FASB are as follows.
Schedule
of Financial Instruments Measured at Fair Value
(in thousands) | |
| | |
| | |
| | |
| |
| |
| | |
| | |
| | |
| |
As of June 30, 2023 | |
Level
1 | | |
Level
2 | | |
Level
3 | | |
Total | |
Opfi common
stock | |
$ | 1,783 | | |
$ | – | | |
$ | – | | |
$ | 1,783 | |
iCore convertible note | |
$ | – | | |
| – | | |
| 677 | | |
| 677 | |
| |
$ | 1,783 | | |
$ | – | | |
$ | 677 | | |
$ | 2,460 | |
| |
| | | |
| | | |
| | | |
| | |
As of December 31, 2022 | |
| | | |
| | | |
| | | |
| | |
Hagerty common stock | |
$ | 841 | | |
$ | – | | |
$ | – | | |
$ | 841 | |
| |
$ | 841 | | |
$ | – | | |
$ | – | | |
$ | 841 | |
The Company determined the fair value of the iCore
convertible note using level three inputs within a lattice model to calculate the implied probabilities of certain scenarios. The significant unobservable inputs used to measure the iCore convertible note as of June 30, 2023 include the following:
Schedule of Significant Unobservable Inputs
Stock
price on valuation date | |
$ | 0.15 | |
Exercise price per share | |
$ | 0.10 | |
Years to
expiration | |
| 0.7 | |
Volatility | |
| 65 | % |
Risk-free
rate | |
| 5.4 | % |
Dividend
yield | |
| 0.0 | % |
The
following tables provide a reconciliation of the fair value of recurring Level 3 fair value measurements for the three and six
months ending June 30, 2023 and June 30, 2022:
Schedule of Fair Value of Recurring Level 3 Fair
Value Measurements
| |
2023 | | |
2022 | |
(in thousands) | |
Six months ended June 30, | |
| |
2023 | | |
2022 | |
Assets: | |
| | | |
| | |
Convertible note | |
| | | |
| | |
Beginning balance | |
| - | | |
| - | |
Consideration paid | |
| 500 | | |
| - | |
Increase in fair value of convertible note | |
| 177 | | |
| - | |
Balance, June 30 | |
$ | 677 | | |
$ | - | |
| |
2023 | | |
2022 | |
(in thousands) | |
Three months ended June 30, | |
| |
2023 | | |
2022 | |
Assets: | |
| | |
| |
Convertible note | |
| | | |
| | |
Beginning balance | |
| 500 | | |
| - | |
Consideration paid | |
| - | | |
| - | |
Increase in fair value of convertible note | |
| 177 | | |
| - | |
Balance, June 30 | |
$ | 677 | | |
$ | - | |
|
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v3.23.2
Loss and Loss Adjustment Expense Reserves
|
6 Months Ended |
Jun. 30, 2023 |
Loss And Loss Adjustment Expense Reserves |
|
Loss and Loss Adjustment Expense Reserves |
Note
5. 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. This lag may impact the Company’s loss reserve estimates. The reports we receive from our cedents have pre-determined
due dates. In the case of the Company’s FAL contracts, second quarter 2023 premium and loss information will not be made available
to the Company until subsequent to the filing of this quarterly report. Thus, our second quarter results, including the loss and loss
adjustment expense reserves presented herein, have been based upon a combination of actual results from the 2023 calendar year as well
as forecasts for 2023 reported to us by the ceding companies. We have approximated second quarter 2023 results under our FAL contracts
based upon this historical and forecasted information.
While
the Company believes its estimate of loss and loss adjustment expense reserves are adequate as of June 30, 2023, 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, 2023 and 2022, is as follows:
Schedule
of Changes in Outstanding Loss and Loss Adjustment Expense Reserves
| |
2023 | | |
2022 | |
(in thousands) | |
Six
months ended June 30, | |
| |
2023 | | |
2022 | |
Balance, beginning of period, net of reinsurance | |
$ | 4,409 | | |
$ | 2,133 | |
Incurred related to: | |
| | | |
| | |
Current year | |
| 3,360 | | |
| 2,638 | |
Prior year | |
| 516 | | |
| 753 | |
Paid related to: | |
| | | |
| | |
Current year | |
| (2,875 | ) | |
| (1,590 | ) |
Prior
years | |
| (745 | ) | |
| (1,051 | ) |
Balance, June 30, net of reinsurance | |
$ | 4,665 | | |
$ | 2,883 | |
|
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v3.23.2
Income Taxes
|
6 Months Ended |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Note
6. Income Taxes
Actual
income tax expense (benefit) differs from the income tax expense computed by applying the applicable effective federal and state tax
rates to income before income tax expense as follows:
Schedule
of Reconciliation Effective Tax Rates
($ in thousands) | |
Three
months ended June 30, | | |
Six
months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Provision for taxes at U.S., statutory
marginal income tax rate of 21% | |
$ | (614 | ) | |
$ | (1,150 | ) | |
$ | (330 | ) | |
$ | (1,953 | ) |
Valuation allowance for deferred tax assets
deemed unrealizable | |
| 614 | | |
| 1,150 | | |
| 329 | | |
| 1,948 | |
Non-deductible expenses associated with the
Share Repurchase Transaction | |
| – | | |
| – | | |
| 1 | | |
| - | |
Share-based compensation | |
| – | | |
| - | | |
| - | | |
| 5 | |
Income tax expense (benefit) | |
$ | – | | |
$ | – | | |
$ | – | | |
$ | - | |
Deferred
income taxes reflect the net tax effects of temporary differences between carrying amounts of assets and liabilities for financial reporting
purposes as compared to the amounts used for income tax purposes. The Company’s gross deferred tax assets and liabilities are $9.6
million and $3.8 million as of June 30, 2023. The Company has recorded a valuation allowance against its deferred tax assets of $5.8
million, as of June 30, 2023, due to the uncertain nature surrounding our ability to realize these tax benefits in the future. Significant
components of the Company’s net deferred tax assets are as follows:
Schedule
of Deferred Income Taxes
(in thousands) | |
| | |
| |
| |
As
of
June 30, 2023 | | |
As
of
December 31, 2022 | |
Deferred income tax assets: | |
| | | |
| | |
Net operating
loss carryforward | |
$ | 4,567 | | |
$ | 4,171 | |
Loss and loss adjustment
expense reserves | |
| 41 | | |
| 39 | |
Unearned premium reserves | |
| 263 | | |
| 287 | |
Capital loss carryforward | |
| 4,317 | | |
| 4,313 | |
Share-based compensation | |
| 370 | | |
| 242 | |
Investments | |
| 10 | | |
| 5 | |
Other | |
| 8 | | |
| 9 | |
Deferred income tax assets | |
$ | 9,576 | | |
$ | 9,066 | |
Less:
Valuation allowance | |
| (5,815 | ) | |
| (5,463 | ) |
Deferred income tax assets net of valuation
allowance | |
$ | 3,761 | | |
$ | 3,603 | |
| |
| | | |
| | |
Deferred income tax liabilities: | |
| | | |
| | |
Investments | |
$ | 3,503 | | |
$ | 3,282 | |
Deferred
policy acquisition costs | |
| 258 | | |
| 321 | |
Deferred income tax liabilities | |
$ | 3,761 | | |
$ | 3,603 | |
| |
| | | |
| | |
Net deferred income tax
asset (liability) | |
$ | – | | |
$ | – | |
As
of June 30, 2023, the Company had net operating loss carryforwards (“NOLs”) for federal income tax purposes of approximately
$21.8 million, which will be available to offset future taxable income. Approximately $0.5 million expire on December 31, 2039, $0.1
million expire on December 31, 2040, and $1.6 million of the Company’s NOLs will expire on December 31, 2041. The remaining $19.6
million of the Company’s NOLs do not expire under current tax law. Additionally, the Company has approximately $21.7 million of
capital loss carryforward that can only be used to offset capital gains and which will expire in December 2026 if not used prior.
As
of June 30, 2023, the Company had no unrecognized tax benefits. The Company analyzed its tax positions in accordance with the provisions
of Accounting Standards Codification Topic 740, Income Taxes, and has determined that there are currently no uncertain tax positions.
The Company generally recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.2
Equity Incentive Plan Grants
|
6 Months Ended |
Jun. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Equity Incentive Plan Grants |
Note
7. 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, 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.
In
addition, on March 24, 2023, the board of directors approved an employee 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.
RSUs
Outstanding
The
following table summarizes RSU activity for the six months ended June 30, 2023 and 2022:
Schedule
of Restricted Stock Units Activity
| |
| | |
Weighted | |
| |
| | |
Average | |
| |
Number of | | |
Grant Date | |
Restricted
Stock Units | |
Units | | |
Fair
Value | |
Non-vested units, January 1, 2023 | |
| 256,382 | | |
$ | 2.57 | |
Granted | |
| 785,000 | | |
| 2.80 | |
Vested | |
| (139,412 | ) | |
| 2.82 | |
Forfeited | |
| — | | |
| — | |
Non-vested units, June 30, 2023 | |
| 901,970 | | |
$ | 2.73 | |
| |
| | | |
| | |
Non-vested units, January 1, 2022 | |
| 164,655 | | |
$ | 4.35 | |
Granted | |
| — | | |
| — | |
Vested | |
| (30,796 | ) | |
| 4.45 | |
Forfeited | |
| — | | |
| — | |
Non-vested units, June 30, 2022 | |
| 133,859 | | |
$ | 4.33 | |
On
August 19, 2022, we issued a total of 158,225 RSUs to our non-employee directors. The RSUs vest in five equal annual installments, beginning
with the first anniversary of the grant date.
On
February 17, 2023, we granted a total of 415,000 RSUs to various members of the Company’s management. The RSUs vest in three equal
annual installments, beginning with the date the shares were granted.
On
January 18, 2021, the Company entered into an Equity Award Letter Agreement (the “Letter Agreement”) with Mr. Swets, pursuant
to which the Company clarified its intention to grant an additional 370,000 stock options, restricted shares or restricted stock units
pursuant to a future award, subject to the approval of an amended and/or new equity plan, among other conditions. On February 17, 2023,
in satisfaction of the obligations in the letter agreement, the Company granted 370,000 RSU’s to Mr. Swets that will vest on the
first anniversary of the grant date.
Restricted
Shares
On
July 31, 2022, the Company issued 25,000 restricted shares under the 2021 Equity Incentive Plan to an employee of the Company. The restriction
will be lifted on the first anniversary of the grant date.
Stock
Options Outstanding
On
January 12, 2021, in connection with Larry G. Swets, Jr.’s appointment as Chief Executive Officer, the Company entered into a Stock
Option Agreement (the “Stock Option”) with Mr. Swets. The Stock Option entitles Mr. Swets to purchase up to 130,000 shares
of the Company’s common stock at an exercise price of $3.38 per share. The Stock Option becomes vested and fully exercisable in
20% increments on each anniversary of the grant date, provided that Mr. Swets remains in the continuous service of the Company through
each applicable vesting date and that the Company’s book value per share has increased by 15% or more as compared to the Company’s
book value per share as of the fiscal year end prior. The Stock Option expires on January 11, 2031.
The
Stock Option contains performance and service conditions that affect vesting. Pursuant to ASC Topic 718- Stock Compensation, these
conditions have not been reflected in estimating the fair value of the award upon its grant date; however, the Company employed a Monte-Carlo
model to estimate the likelihood of satisfaction of the required performance and service conditions. This resulted in a derived service
period of approximately 3.3 years under the grant.
In
estimating the fair value of the Stock Option, the Company estimated volatility based on the historical volatility of our stock. The
risk-free interest rate is based on the U.S. Treasury Constant Maturity similar to the expected remaining life of the Stock Option. The
expected life of the Stock Option is assumed to be equivalent to its contractual term. The dividend rate is based on our historical rate,
which the Company anticipates will remain at zero. The following assumptions were used to determine the estimated fair value of the Stock
Option:
Schedule
of Fair Value of Stock Options
Expected volatility | |
| 45.60 | % |
Expected life (years) | |
| 10.00 | |
Risk-free interest rate | |
| 1.15 | % |
Dividend yield | |
| 0.00 | % |
The
following table summarizes activity for stock options issued for the six months ended June 30, 2023 and 2022.
Schedule
of Stock Option Activity
| |
| | |
Weighted | | |
Weighted Ave
Remaining | | |
Weighted
Ave Grant | | |
Aggregate | |
| |
| | |
Ave
Exercise | | |
Contractual | | |
Date
Fair | | |
Intrinsic | |
Common
Stock Options | |
Shares | | |
Price | | |
Term
(yrs) | | |
Value | | |
Value | |
Outstanding, January 1, 2023 | |
| 130,000 | | |
$ | 3.38 | | |
| 8.04 | | |
$ | 1.88 | | |
$ | - | |
Exercisable, January 1, 2023 | |
| – | | |
$ | – | | |
| – | | |
$ | – | | |
$ | – | |
Granted | |
| - | | |
| - | | |
| | | |
| – | | |
| – | |
Exercised | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | |
Cancelled | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | |
Outstanding, June 30, 2023 | |
| 130,000 | | |
$ | 3.38 | | |
| 7.54 | | |
$ | 1.88 | | |
$ | - | |
Exercisable, June 30, 2023 | |
| – | | |
$ | – | | |
| – | | |
$ | – | | |
$ | – | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Outstanding, January 1, 2022 | |
| 130,000 | | |
$ | 3.38 | | |
| 9.04 | | |
$ | 1.88 | | |
$ | 49,400 | |
Exercisable, January 1, 2022 | |
| – | | |
$ | – | | |
| – | | |
$ | – | | |
$ | – | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | | |
| – | |
Exercised | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | |
Cancelled | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | |
Outstanding, June 30, 2022 | |
| 130,000 | | |
$ | 3.38 | | |
| 8.79 | | |
$ | 1.88 | | |
$ | (249,600 | ) |
Exercisable, June 30, 2022 | |
| – | | |
$ | – | | |
| – | | |
$ | – | | |
$ | – | |
Total
stock-based compensation expense for the six months ended June 30, 2023 and 2022 was approximately $1.0 million and $115,000, respectively.
As of June 30, 2023, total unrecognized stock compensation expense of approximately $1.9 million remains, which will be recognized through
December 31, 2026. Stock compensation expense has been reflected in the Company’s financial statements as part of general and administrative
expense.
Warrants
No
warrants were granted or exercised during the six months ended June 30, 2023 and 2022. On February 24, 2022, 1,500,000 warrants with
an exercise price of $15.00 expired. As of June 30, 2023, the Company did not have any warrants outstanding.
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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v3.23.2
Related Party Transactions
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
Note
8. 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. Management believes that consideration paid for such services in each case approximates
fair value. 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, Mr. Swets and Mr. Baqar, our Executive Vice President and Chief Financial Officer, serve as manager 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. Baqar also holds a limited partner interest through Sequoia Financial LLC, an advisory firm for
which Mr. Baqar 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 a director of FGC.
iCoreConnect
On
March 15, 2023, the Company invested $500,000 in a convertible promissory note to support FG Merger Corp’s transaction with iCore.
FGMP owns underlying securities of FG Merger Corp. In addition, Mr. Cerminara, Mr. Swets and Mr. Baqar each invested separately in the
same convertible promissory note.
Craveworthy
On
March 16, 2023, the Company invested $200,000 in a senior unsecured loan to Craveworthy. Mr. Swets has an indirect interest in Craveworthy,
independent from the interests held by the Company through its ownership in FGMP.
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 $912,500 and $912,500 to FGM under the Shared Services Agreement for each of the six months ended June 30, 2023 and 2022,
respectively.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.2
Net Earnings Per Share
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
Net Earnings Per Share |
Note
9. Net Earnings Per Share
Net
earnings per share is computed by dividing net income by the weighted average number of common shares and common share equivalents outstanding
during the periods presented. In calculating diluted earnings per share, those potential common shares that are found to be anti-dilutive
are excluded from the calculation. The table below provides a summary of the numerators and denominators used in determining basic and
diluted earnings per share for the three and six months ended June 30, 2023 and 2022.
Schedule
of Numerators and Denominators Used in Calculation of Basic and Diluted Earnings Per Share
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
($ in thousands) | |
Three
months ended June 30, | | |
Six
months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Basic and diluted: | |
| | | |
| | | |
| | | |
| | |
Net loss from
continuing operations | |
$ | (2,923 | ) | |
$ | (5,478 | ) | |
$ | (1,573 | ) | |
$ | (9,301 | ) |
Dividends
declared on Series A Preferred Shares | |
| (444 | ) | |
| (447 | ) | |
| (891 | ) | |
| (894 | ) |
Loss attributable to FG
Financial Group, Inc. common shareholders from continuing operations | |
| (3,367 | ) | |
| (5,925 | ) | |
| (2,464 | ) | |
| (10,195 | ) |
Weighted average common
shares | |
| 9,704,893 | | |
| 6,775,501 | | |
| 9,564,225 | | |
| 6,589,296 | |
Loss per common share from continuing operations | |
$ | (0.35 | ) | |
$ | (0.87 | ) | |
$ | (0.26 | ) | |
$ | (1.55 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average common
shares outstanding | |
| 9,704,893 | | |
| 6,775,501 | | |
| 9,564,225 | | |
| 6,589,296 | |
The
following potentially dilutive securities outstanding as of June 30, 2023 and 2022 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, | |
| |
2023 | | |
2022 | |
Warrants to purchase common stock | |
| – | | |
| - | |
Options to purchase common stock | |
| 130,000 | | |
| 130,000 | |
Restricted stock units | |
| 901,970 | | |
| 133,859 | |
| |
| 1,031,970 | | |
| 263,859 | |
|
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v3.23.2
Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note
10. Commitments and Contingencies
Legal
Proceedings:
As
of June 30, 2023, the Company was not aware of any material claims or actions pending or threatened
against us. 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.
Operating
Lease Commitments:
In
July 2021, the Company entered into a lease agreement for office space in St. Petersburg, FL. The lease had a term of 12 months and was
not renewed upon expiration. Total minimum rent over the 12-month term was approximately $17,000. Due to the short-term nature of the
lease, the Company recognized lease expense on a straight-line basis over the term of the lease, with any variable lease payments recognized
in the period in which the obligation for the payment occurred. Rent expense related to the St. Petersburg office was zero and approximately
$10,000 for the six months ended June 30, 2023 and June 30, 2022, respectively.
In
April 2022, the Company entered into a lease agreement for office space in Itasca, IL. The lease has a term of 44 months beginning on
May 1, 2022. Total minimum rent over the term of the lease is expected to be approximately $77,000. The Company has accounted for the
lease under ASC 842, Leases. The annual discount rate used for the Itasca office was 8%. As of June 30, 2023, the right of use asset
and lease liability are approximately $48,000, each, and held in “Other assets” and “Other liabilities” on the
balance sheet, respectively. Rent expense related to the Itasca office was approximately $10,000 and $3,500 for the six months ended
June 30, 2023 and June 30, 2022, respectively.
Impact
of Russian/Ukraine Conflict
Management
is currently evaluating the impact of rising interest rates, inflation and the Russia-Ukraine war and has concluded that while it is
reasonably possible that any of these could have a negative effect on the Company’s financial position and results of its operations,
the specific impact is not readily determinable as of the date of these unaudited consolidated financial statements. The unaudited consolidated
financial statements do not include any adjustments that might result from the outcome of this uncertainty.
|
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.23.2
Segment Reporting
|
6 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
Segment Reporting |
Note
11. Segment Reporting
The
Company has two operating segments—insurance and asset management. 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 investments made outside of reinsurance operations.
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, 2023 and 2022. The ‘other’ category in the table below
consists largely of corporate general and administrative expenses which have not been allocated to a specific segment. Segment assets
for the “other” category primarily consist of unrestricted cash in the amounts of $1.9 million and $11.4 million as of June
30, 2023 and 2022, respectively.
Summary
of Segment Reporting
(in thousands) | |
| | |
| | |
| | |
| |
For the three months
ended June 30, 2023 | |
Insurance | | |
Asset
Management | | |
Other | | |
Total | |
Net premiums earned | |
$ | 3,685 | | |
$ | – | | |
$ | – | | |
$ | 3,685 | |
Net investment (loss) income | |
| (192 | ) | |
| (1,343 | ) | |
| 6 | | |
| (1,529 | ) |
Other income | |
| - | | |
| 30 | | |
| - | | |
| 30 | |
Total revenue | |
| 3,493 | | |
| (1,313 | ) | |
| 6 | | |
| 2,186 | |
Income (loss) before income tax | |
| ) | |
| ) | |
| ) | |
| ) |
| |
| | | |
| | | |
| | | |
| | |
For the six months ended June 30, 2023 | |
| | | |
| | | |
| | | |
| | |
Net premiums earned | |
$ | 7,342 | | |
$ | – | | |
$ | – | | |
$ | 7,342 | |
Net investment loss | |
| 3,075 | | |
| (1,772 | ) | |
| 8 | | |
| 1,311 | |
Other income | |
| – | | |
| 60 | | |
| – | | |
| 60 | |
Total revenue | |
| 10,417 | | |
| (1,712 | ) | |
| 8 | | |
| 8,713 | |
Income (loss) before income tax | |
| | |
| ) | |
| ) | |
| ) |
| |
| | | |
| | | |
| | | |
| | |
As of June 30, 2023 | |
| | | |
| | | |
| | | |
| | |
Segment assets | |
$ | 29,281 | | |
$ | 16,195 | | |
$ | 3,090 | | |
$ | 48,566 | |
| |
| | | |
| | | |
| | | |
| | |
For the three months ended June 30, 2022 | |
| | | |
| | | |
| | | |
| | |
Net premiums earned | |
$ | 2,953 | | |
$ | – | | |
$ | – | | |
$ | 2,953 | |
Net investment income (loss) | |
| 64 | | |
| (3,778 | ) | |
| – | | |
| (3,714 | ) |
Other income | |
| – | | |
| 26 | | |
| – | | |
| 26 | |
Total revenue | |
| 3,017 | | |
| (3,752 | ) | |
| – | | |
| (735 | ) |
Income (loss) before income tax | |
| | |
| ) | |
| ) | |
| ) |
| |
| | | |
| | | |
| | | |
| | |
For the six months ended June 30, 2022 | |
| | | |
| | | |
| | | |
| | |
Net premiums earned | |
$ | 5,426 | | |
$ | – | | |
$ | – | | |
$ | 5,426 | |
Net investment loss | |
| (905 | ) | |
| (5,154 | ) | |
| – | | |
| (6,059 | ) |
Other income | |
| – | | |
| 50 | | |
| – | | |
| 50 | |
Total revenue | |
| 4,521 | | |
| (5,104 | ) | |
| – | | |
| (583 | ) |
Loss before income tax | |
| ) | |
| ) | |
| ) | |
| ) |
| |
| | | |
| | | |
| | | |
| | |
As of June 30, 2022 | |
| | | |
| | | |
| | | |
| | |
Segment assets | |
$ | 15,295 | | |
$ | 9,032 | | |
$ | 12,946 | | |
$ | 37,273 | |
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v3.23.2
Subsequent Events
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
Subsequent Events |
Note
12. Subsequent Events
The
Corporation has evaluated subsequent events through the filing date of the financial statements and determined that there have been no
events that have occurred that would require additional disclosures.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.2
Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
These
statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
|
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. The Company
continuously reassesses whether it should consolidate under either model.
In
September 2020, the Company invested approximately $5.0 million to sponsor the launch of the FG Special Situations Fund, LP (“The
Fund”). The Fund, a VIE which the Company was required to consolidate through November 30, 2021, is considered an investment company
for GAAP purposes and follows the accounting and reporting guidance in the Financial Accounting Standards Codification (“ASC”)
Topic 946, Financial Services-Investment Companies, which includes the presentation of its investments at fair value. On December 1,
2021, the Company’s investment became that of a limited partner, and it no longer had the power to govern the financial and operating
policies of the Fund, and thus, began to account for its investment in the Fund under the equity method of accounting.
During
the first quarter of 2023, it was determined that the Fund would begin the process of winding down, and all investment holdings held
in the name of the Fund would be transferred and distributed to members within the Fund based on their ownership percentage of each
respective holding. Prior to the unwinding, through the Fund, the Company held underlying investments in FGAC Investors LLC, FG
Merger Investors LLC, Greenfirst Forest Products Holdings LLC, and OppFi. The Fund, an investment company, carried each of these
investments at fair value. In June 2023, all transfers were completed, resulting in the Company being transferred direct limited
partner interests in FGAC Investors LLC, with a carrying value of $8.9
million, FG Merger Investors LLC, with a carrying value of $3.4
million, and Greenfirst Forest Products, LLC, with a carrying value of $1.4
million. The carrying value of these direct limited partner interests approximate to ownership of 29% of FGAC Investors LLC, 19% of
FG Merger Investors LLC, and 16% of Greenfirst Forest Products Holdings, LLC. The Fund also distributed OppFi publicly traded
securities to the Company with a carrying value of $1.9
million.
As previously mentioned, 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. The Company has determined that each of these entities meets the criteria of a VIE. For
each new position, the Company analyzed ASC 810 – Consolidation and has determined it is not the primary beneficiary of FGAC
Investors LLC, FG Merger Investors LLC or Greenfirst Forest Products Holdings LLC, but does have the ability to exercise significant
influence over each of these. Therefore, the Company will apply the equity method of accounting for each of these investments.
In
October of 2022, the Company invested $2.0 million
into FGC, which the Company has determined meets the criteria of a VIE. The Company holds this investment at cost, subject to any
adjustment from time to time due to impairment or observable price changes in orderly transactions. Due to its minority
interest and inability to govern the financial and operating policies of FGC, the Company has determined it is not the primary
beneficiary of FGC, and thus does not consolidate FGC. Due to the observable price change in the second quarter of 2023, the Company
now holds this investment as an asset measured at fair value on a nonrecurring basis.
The Company’s risk of loss associated with its
non-consolidated VIEs is limited. As of June 30, 2023, and December 31, 2022, the carrying value and maximum loss exposure of the Company’s
non-consolidated VIE’s was $14.2 million and $18.8 million, respectively.
See Note 4 for further information regarding the Company’s investments.
|
The Use of Estimates in the Preparation of Consolidated Financial Statements |
The
Use of Estimates in the Preparation of Consolidated Financial Statements
The
preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
affect the application of policies and the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities
at the date of the consolidated financial statements and the reported amounts of revenues and expenses for the reporting period. Actual
results could differ from these estimates. Estimates and their underlying assumptions are reviewed on an ongoing basis. Changes in estimates
are recorded in the accounting period in which they are determined. The critical accounting estimates and assumptions in the accompanying
consolidated financial statements include the valuation of our investments, current expected credit losses, the valuation of net deferred
income taxes and deferred policy acquisition costs, premium revenue recognition, reserves for loss and loss adjustment expenses, and
stock-based compensation expense.
|
Investments in Equity Securities |
Investments
in Equity Securities
Investments
in equity securities are carried at fair value with subsequent changes in fair value recorded to the Consolidated Statements of Operations
as a component of net investment income.
|
Other Investments |
Other
Investments
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.
Other
investments also include a convertible note and a senior unsecured promissory note.
See
Note 4 for additional information regarding the Company’s investments.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
Cash
and cash equivalents include cash and highly liquid investments 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, 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, 2023, 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.
|
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. The amendments in this update were effective for fiscal years beginning
after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted, however smaller reporting
companies, like the Company, could delay adoption until January 2023. 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. The adoption resulted in a cumulative-effect adjustment to increase accumulated deficit
by $0.1 million as of January 1, 2023. The Company updated the model as of June 30, 2023, resulting in a $0.0 million decrease to the
allowance for expected credit losses for the quarter ended June 30, 2023.
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.
|
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 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.
|
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, 2023 and December 31, 2022, the total cash collateral posted to support all of our reinsurance treaties was
approximately $6.7 million and $9.3 million, respectively.
|
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
to update the initial expected loss ratio. We also 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. Client 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 client 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 |
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, 2023.
|
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. See Note 4 for further information on the fair value of the Company’s
financial instruments.
|
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.
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v3.23.2
Investments and Fair Value Disclosures (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Platform Operator, Crypto-Asset [Line Items] |
|
Schedule of Equity Securities |
The
following table summarizes the Company’s equity securities held at fair value as of June 30, 2023 and December 31, 2022:
Schedule
of Equity Securities
(in thousands) | |
| | |
| | |
| | |
| |
As of June
30, 2023 | |
Cost
Basis | | |
Gross Unrealized Gains | | |
Gross Unrealized Losses | | |
Carrying Amount | |
OppFi common
stock | |
$ | 1,916 | | |
$ | – | | |
$ | 133 | | |
$ | 1,783 | |
Total investments | |
$ | 1,916 | | |
$ | – | | |
$ | 133 | | |
$ | 1,783 | |
As of December
31, 2022 | |
Cost
Basis | | |
Gross Unrealized Gains | | |
Gross Unrealized Losses | | |
Carrying Amount | |
Hagerty
common stock | |
$ | 889 | | |
$ | – | | |
$ | 48 | | |
$ | 841 | |
Total investments | |
$ | 889 | | |
$ | – | | |
$ | 48 | | |
$ | 841 | |
|
Schedule of Investments Under Equity Method |
Financial
information for our investments accounted for under the equity method, in the aggregate, is as follows:
Schedule
of Investments Under Equity Method
| |
As
of
June 30, 2023 | | |
As
of December 31, 2022 | |
(in thousands) | |
| | |
| |
Other investments | |
$ | 56,669 | | |
$ | 35,366 | |
Cash | |
| 262 | | |
| 113 | |
Other assets | |
| 187 | | |
| 165 | |
Total assets | |
| 57,118 | | |
| 35,644 | |
| |
| | | |
| | |
Accounts payable | |
$ | 52 | | |
$ | 65 | |
Total liabilities | |
| 52 | | |
| 65 | |
| |
Six
months ended June
30, 2023 | | |
Six
months ended June
30, 2022 | |
(in thousands) | |
| | |
| |
Net investment (loss) income | |
$ | 1,502 | | |
$ | (4,696 | ) |
General and administrative
expenses | |
| (87 | ) | |
| (66 | ) |
Net income (loss) | |
| 1,415 | | |
| (4,762 | ) |
|
Schedule of Net Investment Income (Loss) |
Net
investment income (loss) for the three and six months ended June 30, 2023 and 2022 is as follows:
Schedule
of Net Investment Income (Loss)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
($ in thousands) | |
Three
Months Ended June 30, | | |
Six
Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Investment income (loss): | |
| | | |
| | | |
| | | |
| | |
Realized loss
on common stock | |
$ | - | | |
$ | (5,914 | ) | |
$ | (16 | ) | |
$ | (8,791 | ) |
Change in unrealized holding
loss on common stock | |
| (133 | ) | |
| 5,299 | | |
| (85 | ) | |
| 8,073 | |
Equity method (loss) earnings | |
| (1,948 | ) | |
| (3,074 | ) | |
| 732 | | |
| (5,146 | ) |
Increase in investments without readily determinable fair value | |
| 250 | | |
| - | | |
| 250 | | |
| - | |
Increase in fair value
of convertible note | |
| 177 | | |
| - | | |
| 177 | | |
| - | |
Other | |
| 125 | | |
| (25 | ) | |
| 253 | | |
| (195 | ) |
Net investment (loss) income | |
$ | (1,529 | ) | |
$ | (3,714 | ) | |
$ | 1,311 | | |
$ | (6,059 | ) |
|
Schedule of Significant Unobservable Inputs |
Financial
instruments measured, on a recurring basis, at fair value as of June 30, 2023 and December 31, 2022 in accordance with the guidance promulgated
by the FASB are as follows.
Schedule
of Financial Instruments Measured at Fair Value
(in thousands) | |
| | |
| | |
| | |
| |
| |
| | |
| | |
| | |
| |
As of June 30, 2023 | |
Level
1 | | |
Level
2 | | |
Level
3 | | |
Total | |
Opfi common
stock | |
$ | 1,783 | | |
$ | – | | |
$ | – | | |
$ | 1,783 | |
iCore convertible note | |
$ | – | | |
| – | | |
| 677 | | |
| 677 | |
| |
$ | 1,783 | | |
$ | – | | |
$ | 677 | | |
$ | 2,460 | |
| |
| | | |
| | | |
| | | |
| | |
As of December 31, 2022 | |
| | | |
| | | |
| | | |
| | |
Hagerty common stock | |
$ | 841 | | |
$ | – | | |
$ | – | | |
$ | 841 | |
| |
$ | 841 | | |
$ | – | | |
$ | – | | |
$ | 841 | |
The Company determined the fair value of the iCore
convertible note using level three inputs within a lattice model to calculate the implied probabilities of certain scenarios. The significant unobservable inputs used to measure the iCore convertible note as of June 30, 2023 include the following:
Schedule of Significant Unobservable Inputs
Stock
price on valuation date | |
$ | 0.15 | |
Exercise price per share | |
$ | 0.10 | |
Years to
expiration | |
| 0.7 | |
Volatility | |
| 65 | % |
Risk-free
rate | |
| 5.4 | % |
Dividend
yield | |
| 0.0 | % |
|
Schedule of Significant Unobservable Inputs |
The Company determined the fair value of the iCore
convertible note using level three inputs within a lattice model to calculate the implied probabilities of certain scenarios. The significant unobservable inputs used to measure the iCore convertible note as of June 30, 2023 include the following:
Schedule of Significant Unobservable Inputs
Stock
price on valuation date | |
$ | 0.15 | |
Exercise price per share | |
$ | 0.10 | |
Years to
expiration | |
| 0.7 | |
Volatility | |
| 65 | % |
Risk-free
rate | |
| 5.4 | % |
Dividend
yield | |
| 0.0 | % |
|
Fair Value, Inputs, Level 3 [Member] |
|
Platform Operator, Crypto-Asset [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 three and six
months ending June 30, 2023 and June 30, 2022:
Schedule of Fair Value of Recurring Level 3 Fair
Value Measurements
| |
2023 | | |
2022 | |
(in thousands) | |
Six months ended June 30, | |
| |
2023 | | |
2022 | |
Assets: | |
| | | |
| | |
Convertible note | |
| | | |
| | |
Beginning balance | |
| - | | |
| - | |
Consideration paid | |
| 500 | | |
| - | |
Increase in fair value of convertible note | |
| 177 | | |
| - | |
Balance, June 30 | |
$ | 677 | | |
$ | - | |
| |
2023 | | |
2022 | |
(in thousands) | |
Three months ended June 30, | |
| |
2023 | | |
2022 | |
Assets: | |
| | |
| |
Convertible note | |
| | | |
| | |
Beginning balance | |
| 500 | | |
| - | |
Consideration paid | |
| - | | |
| - | |
Increase in fair value of convertible note | |
| 177 | | |
| - | |
Balance, June 30 | |
$ | 677 | | |
$ | - | |
|
X |
- DefinitionTabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.
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v3.23.2
Loss and Loss Adjustment Expense Reserves (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Loss And Loss Adjustment Expense Reserves |
|
Schedule of Changes in Outstanding Loss and Loss Adjustment Expense Reserves |
A
summary of changes in outstanding loss and loss adjustment expense reserves for the six months ended June 30, 2023 and 2022, is as follows:
Schedule
of Changes in Outstanding Loss and Loss Adjustment Expense Reserves
| |
2023 | | |
2022 | |
(in thousands) | |
Six
months ended June 30, | |
| |
2023 | | |
2022 | |
Balance, beginning of period, net of reinsurance | |
$ | 4,409 | | |
$ | 2,133 | |
Incurred related to: | |
| | | |
| | |
Current year | |
| 3,360 | | |
| 2,638 | |
Prior year | |
| 516 | | |
| 753 | |
Paid related to: | |
| | | |
| | |
Current year | |
| (2,875 | ) | |
| (1,590 | ) |
Prior
years | |
| (745 | ) | |
| (1,051 | ) |
Balance, June 30, net of reinsurance | |
$ | 4,665 | | |
$ | 2,883 | |
|
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v3.23.2
Income Taxes (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Schedule of Reconciliation Effective Tax Rates |
Actual
income tax expense (benefit) differs from the income tax expense computed by applying the applicable effective federal and state tax
rates to income before income tax expense as follows:
Schedule
of Reconciliation Effective Tax Rates
($ in thousands) | |
Three
months ended June 30, | | |
Six
months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Provision for taxes at U.S., statutory
marginal income tax rate of 21% | |
$ | (614 | ) | |
$ | (1,150 | ) | |
$ | (330 | ) | |
$ | (1,953 | ) |
Valuation allowance for deferred tax assets
deemed unrealizable | |
| 614 | | |
| 1,150 | | |
| 329 | | |
| 1,948 | |
Non-deductible expenses associated with the
Share Repurchase Transaction | |
| – | | |
| – | | |
| 1 | | |
| - | |
Share-based compensation | |
| – | | |
| - | | |
| - | | |
| 5 | |
Income tax expense (benefit) | |
$ | – | | |
$ | – | | |
$ | – | | |
$ | - | |
|
Schedule of Deferred Income Taxes |
Schedule
of Deferred Income Taxes
(in thousands) | |
| | |
| |
| |
As
of
June 30, 2023 | | |
As
of
December 31, 2022 | |
Deferred income tax assets: | |
| | | |
| | |
Net operating
loss carryforward | |
$ | 4,567 | | |
$ | 4,171 | |
Loss and loss adjustment
expense reserves | |
| 41 | | |
| 39 | |
Unearned premium reserves | |
| 263 | | |
| 287 | |
Capital loss carryforward | |
| 4,317 | | |
| 4,313 | |
Share-based compensation | |
| 370 | | |
| 242 | |
Investments | |
| 10 | | |
| 5 | |
Other | |
| 8 | | |
| 9 | |
Deferred income tax assets | |
$ | 9,576 | | |
$ | 9,066 | |
Less:
Valuation allowance | |
| (5,815 | ) | |
| (5,463 | ) |
Deferred income tax assets net of valuation
allowance | |
$ | 3,761 | | |
$ | 3,603 | |
| |
| | | |
| | |
Deferred income tax liabilities: | |
| | | |
| | |
Investments | |
$ | 3,503 | | |
$ | 3,282 | |
Deferred
policy acquisition costs | |
| 258 | | |
| 321 | |
Deferred income tax liabilities | |
$ | 3,761 | | |
$ | 3,603 | |
| |
| | | |
| | |
Net deferred income tax
asset (liability) | |
$ | – | | |
$ | – | |
|
X |
- DefinitionTabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.
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v3.23.2
Equity Incentive Plan Grants (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Schedule of Restricted Stock Units Activity |
The
following table summarizes RSU activity for the six months ended June 30, 2023 and 2022:
Schedule
of Restricted Stock Units Activity
| |
| | |
Weighted | |
| |
| | |
Average | |
| |
Number of | | |
Grant Date | |
Restricted
Stock Units | |
Units | | |
Fair
Value | |
Non-vested units, January 1, 2023 | |
| 256,382 | | |
$ | 2.57 | |
Granted | |
| 785,000 | | |
| 2.80 | |
Vested | |
| (139,412 | ) | |
| 2.82 | |
Forfeited | |
| — | | |
| — | |
Non-vested units, June 30, 2023 | |
| 901,970 | | |
$ | 2.73 | |
| |
| | | |
| | |
Non-vested units, January 1, 2022 | |
| 164,655 | | |
$ | 4.35 | |
Granted | |
| — | | |
| — | |
Vested | |
| (30,796 | ) | |
| 4.45 | |
Forfeited | |
| — | | |
| — | |
Non-vested units, June 30, 2022 | |
| 133,859 | | |
$ | 4.33 | |
|
Schedule of Fair Value of Stock Options |
Schedule
of Fair Value of Stock Options
Expected volatility | |
| 45.60 | % |
Expected life (years) | |
| 10.00 | |
Risk-free interest rate | |
| 1.15 | % |
Dividend yield | |
| 0.00 | % |
|
Schedule of Stock Option Activity |
The
following table summarizes activity for stock options issued for the six months ended June 30, 2023 and 2022.
Schedule
of Stock Option Activity
| |
| | |
Weighted | | |
Weighted Ave
Remaining | | |
Weighted
Ave Grant | | |
Aggregate | |
| |
| | |
Ave
Exercise | | |
Contractual | | |
Date
Fair | | |
Intrinsic | |
Common
Stock Options | |
Shares | | |
Price | | |
Term
(yrs) | | |
Value | | |
Value | |
Outstanding, January 1, 2023 | |
| 130,000 | | |
$ | 3.38 | | |
| 8.04 | | |
$ | 1.88 | | |
$ | - | |
Exercisable, January 1, 2023 | |
| – | | |
$ | – | | |
| – | | |
$ | – | | |
$ | – | |
Granted | |
| - | | |
| - | | |
| | | |
| – | | |
| – | |
Exercised | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | |
Cancelled | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | |
Outstanding, June 30, 2023 | |
| 130,000 | | |
$ | 3.38 | | |
| 7.54 | | |
$ | 1.88 | | |
$ | - | |
Exercisable, June 30, 2023 | |
| – | | |
$ | – | | |
| – | | |
$ | – | | |
$ | – | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Outstanding, January 1, 2022 | |
| 130,000 | | |
$ | 3.38 | | |
| 9.04 | | |
$ | 1.88 | | |
$ | 49,400 | |
Exercisable, January 1, 2022 | |
| – | | |
$ | – | | |
| – | | |
$ | – | | |
$ | – | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | | |
| – | |
Exercised | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | |
Cancelled | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | |
Outstanding, June 30, 2022 | |
| 130,000 | | |
$ | 3.38 | | |
| 8.79 | | |
$ | 1.88 | | |
$ | (249,600 | ) |
Exercisable, June 30, 2022 | |
| – | | |
$ | – | | |
| – | | |
$ | – | | |
$ | – | |
|
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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v3.23.2
Net Earnings Per Share (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
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
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
($ in thousands) | |
Three
months ended June 30, | | |
Six
months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Basic and diluted: | |
| | | |
| | | |
| | | |
| | |
Net loss from
continuing operations | |
$ | (2,923 | ) | |
$ | (5,478 | ) | |
$ | (1,573 | ) | |
$ | (9,301 | ) |
Dividends
declared on Series A Preferred Shares | |
| (444 | ) | |
| (447 | ) | |
| (891 | ) | |
| (894 | ) |
Loss attributable to FG
Financial Group, Inc. common shareholders from continuing operations | |
| (3,367 | ) | |
| (5,925 | ) | |
| (2,464 | ) | |
| (10,195 | ) |
Weighted average common
shares | |
| 9,704,893 | | |
| 6,775,501 | | |
| 9,564,225 | | |
| 6,589,296 | |
Loss per common share from continuing operations | |
$ | (0.35 | ) | |
$ | (0.87 | ) | |
$ | (0.26 | ) | |
$ | (1.55 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average common
shares outstanding | |
| 9,704,893 | | |
| 6,775,501 | | |
| 9,564,225 | | |
| 6,589,296 | |
|
Schedule of Potentially Dilutive Securities Excluded from Calculation |
The
following potentially dilutive securities outstanding as of June 30, 2023 and 2022 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, | |
| |
2023 | | |
2022 | |
Warrants to purchase common stock | |
| – | | |
| - | |
Options to purchase common stock | |
| 130,000 | | |
| 130,000 | |
Restricted stock units | |
| 901,970 | | |
| 133,859 | |
| |
| 1,031,970 | | |
| 263,859 | |
|
X |
- References
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v3.23.2
Segment Reporting (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
Summary of Segment Reporting |
Summary
of Segment Reporting
(in thousands) | |
| | |
| | |
| | |
| |
For the three months
ended June 30, 2023 | |
Insurance | | |
Asset
Management | | |
Other | | |
Total | |
Net premiums earned | |
$ | 3,685 | | |
$ | – | | |
$ | – | | |
$ | 3,685 | |
Net investment (loss) income | |
| (192 | ) | |
| (1,343 | ) | |
| 6 | | |
| (1,529 | ) |
Other income | |
| - | | |
| 30 | | |
| - | | |
| 30 | |
Total revenue | |
| 3,493 | | |
| (1,313 | ) | |
| 6 | | |
| 2,186 | |
Income (loss) before income tax | |
| ) | |
| ) | |
| ) | |
| ) |
| |
| | | |
| | | |
| | | |
| | |
For the six months ended June 30, 2023 | |
| | | |
| | | |
| | | |
| | |
Net premiums earned | |
$ | 7,342 | | |
$ | – | | |
$ | – | | |
$ | 7,342 | |
Net investment loss | |
| 3,075 | | |
| (1,772 | ) | |
| 8 | | |
| 1,311 | |
Other income | |
| – | | |
| 60 | | |
| – | | |
| 60 | |
Total revenue | |
| 10,417 | | |
| (1,712 | ) | |
| 8 | | |
| 8,713 | |
Income (loss) before income tax | |
| | |
| ) | |
| ) | |
| ) |
| |
| | | |
| | | |
| | | |
| | |
As of June 30, 2023 | |
| | | |
| | | |
| | | |
| | |
Segment assets | |
$ | 29,281 | | |
$ | 16,195 | | |
$ | 3,090 | | |
$ | 48,566 | |
| |
| | | |
| | | |
| | | |
| | |
For the three months ended June 30, 2022 | |
| | | |
| | | |
| | | |
| | |
Net premiums earned | |
$ | 2,953 | | |
$ | – | | |
$ | – | | |
$ | 2,953 | |
Net investment income (loss) | |
| 64 | | |
| (3,778 | ) | |
| – | | |
| (3,714 | ) |
Other income | |
| – | | |
| 26 | | |
| – | | |
| 26 | |
Total revenue | |
| 3,017 | | |
| (3,752 | ) | |
| – | | |
| (735 | ) |
Income (loss) before income tax | |
| | |
| ) | |
| ) | |
| ) |
| |
| | | |
| | | |
| | | |
| | |
For the six months ended June 30, 2022 | |
| | | |
| | | |
| | | |
| | |
Net premiums earned | |
$ | 5,426 | | |
$ | – | | |
$ | – | | |
$ | 5,426 | |
Net investment loss | |
| (905 | ) | |
| (5,154 | ) | |
| – | | |
| (6,059 | ) |
Other income | |
| – | | |
| 50 | | |
| – | | |
| 50 | |
Total revenue | |
| 4,521 | | |
| (5,104 | ) | |
| – | | |
| (583 | ) |
Loss before income tax | |
| ) | |
| ) | |
| ) | |
| ) |
| |
| | | |
| | | |
| | | |
| | |
As of June 30, 2022 | |
| | | |
| | | |
| | | |
| | |
Segment assets | |
$ | 15,295 | | |
$ | 9,032 | | |
$ | 12,946 | | |
$ | 37,273 | |
|
X |
- DefinitionTabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.
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v3.23.2
Nature of Business (Details Narrative) - USD ($)
|
Apr. 05, 2022 |
Mar. 03, 2022 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Oct. 31, 2022 |
Feb. 24, 2022 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
|
|
|
|
|
Cash |
|
|
$ 200,000
|
|
|
|
|
FG Merger Corp [Member] |
|
|
|
|
|
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
|
|
|
|
|
Investments |
|
|
$ 2,600,000
|
|
|
|
|
FG Merger Corp [Member] | IPO [Member] |
|
|
|
|
|
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
|
|
|
|
|
Payments for merger related costs |
|
$ 80,500,000
|
|
|
|
|
|
FG Acquisition Corp [Member] | IPO [Member] | Facility Closing [Member] |
|
|
|
|
|
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
|
|
|
|
|
Payments for merger related costs |
$ 115,000,000
|
|
|
|
|
|
|
FG Communities Inc [Member] |
|
|
|
|
|
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
|
|
|
|
|
Investments |
|
|
|
$ 200,000
|
$ 2,000,000.0
|
$ 2,000,000.0
|
|
Common Stock [Member] | FG Merger Corp [Member] |
|
|
|
|
|
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
|
|
|
|
|
Investment owned balance shares |
|
|
820,000
|
|
|
|
|
Common Stock [Member] | FG Acquisition Corp [Member] |
|
|
|
|
|
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
|
|
|
|
|
Investment owned balance shares |
|
|
819,000
|
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
|
|
|
|
|
Warrants to issue common stock |
|
|
|
|
|
|
1,500,000
|
Exercise price of warrants per share |
|
|
|
|
|
|
$ 15.00
|
Warrant [Member] | FG Merger Corp [Member] |
|
|
|
|
|
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
|
|
|
|
|
Warrants to issue common stock |
|
|
989,000
|
|
|
|
|
Exercise price of warrants per share |
|
|
$ 11.50
|
|
|
|
|
Warrants term |
|
|
5 years
|
|
|
|
|
Warrant [Member] | FG Acquisition Corp [Member] |
|
|
|
|
|
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
|
|
|
|
|
Investment owned balance shares |
|
|
3,400,000
|
|
|
|
|
Warrants to issue common stock |
|
|
1,400,000
|
|
|
|
|
Exercise price of warrants per share |
|
|
$ 11.50
|
|
|
|
|
Warrants term |
|
|
5 years
|
|
|
|
|
Warrants value |
|
|
1,600,000
|
|
|
|
|
Warrant [Member] | FG Acquisition Corp [Member] | Maximum [Member] |
|
|
|
|
|
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
|
|
|
|
|
Cash |
|
|
$ 2,000,000
|
|
|
|
|
Warrant One [Member] | FG Merger Corp [Member] |
|
|
|
|
|
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
|
|
|
|
|
Warrants to issue common stock |
|
|
85,000
|
|
|
|
|
Exercise price of warrants per share |
|
|
$ 15.00
|
|
|
|
|
Warrants term |
|
|
10 years
|
|
|
|
|
Warrant One [Member] | FG Acquisition Corp [Member] |
|
|
|
|
|
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
|
|
|
|
|
Warrants to issue common stock |
|
|
440,000
|
|
|
|
|
Exercise price of warrants per share |
|
|
$ 15
|
|
|
|
|
Warrants term |
|
|
10 years
|
|
|
|
|
Fundamental Global GP, LLC [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
|
|
|
|
|
Ownership percentage |
|
|
55.00%
|
|
|
|
|
X |
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v3.23.2
Significant Accounting Policies (Details Narrative) - USD ($)
|
3 Months Ended |
|
|
|
|
|
Jun. 30, 2023 |
Mar. 31, 2023 |
Jan. 01, 2023 |
Dec. 31, 2022 |
Oct. 31, 2022 |
Sep. 30, 2020 |
Investment interest rate |
20.00%
|
|
|
|
|
|
Cash in bank |
$ 200,000
|
|
|
|
|
|
Cash deposit per institution insured by FDIC |
250,000
|
|
|
|
|
|
Accumulated deficit |
|
|
$ 100,000
|
|
|
|
Allowance for credit loss, decrease |
0.0
|
|
|
|
|
|
Cash collateral total |
$ 6,700,000
|
|
|
$ 9,300,000
|
|
|
FGAC Investors LLC [Member] |
|
|
|
|
|
|
Equity method investment, ownership percentage |
29.00%
|
|
|
|
|
|
FG MergerInvestors LLC [Member] |
|
|
|
|
|
|
Equity method investment, ownership percentage |
19.00%
|
|
|
|
|
|
Greenfirst Forest Products Holdings LLC [Member] |
|
|
|
|
|
|
Equity method investment, ownership percentage |
16.00%
|
|
|
|
|
|
Variable Interest Entity [Member] |
|
|
|
|
|
|
Equity method investments |
$ 14,200,000
|
|
|
18,800,000
|
|
|
FGAC Investors LLC [Member] |
|
|
|
|
|
|
Debt carry value |
8,900,000
|
|
|
|
|
|
FG MergerInvestors LLC [Member] |
|
|
|
|
|
|
Debt carry value |
3,400,000
|
|
|
|
|
|
Green first Forest Products LLC [Member] |
|
|
|
|
|
|
Debt carry value |
1,400,000
|
|
|
|
|
|
Opp Fi [Member] |
|
|
|
|
|
|
Debt carry value |
$ 1,900,000
|
|
|
|
|
|
FG Communities Inc [Member] |
|
|
|
|
|
|
Investments |
|
$ 200,000
|
|
$ 2,000,000.0
|
$ 2,000,000.0
|
|
Variable Interest Entity, Primary Beneficiary [Member] | Fundamental Global Asset Management, LLC [Member] |
|
|
|
|
|
|
Real estate investment |
|
|
|
|
|
$ 5,000,000.0
|
X |
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Schedule of Equity Securities (Details) - USD ($) $ in Thousands |
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Investments, Cost basis |
$ 1,916
|
$ 889
|
Investments, Gross Unrealized Gains |
|
|
Investments, Gross Unrealized Losses |
133
|
48
|
Investments, Carrying Amount |
1,783
|
841
|
OppFi Common Stock [Member] |
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Investments, Cost basis |
1,916
|
|
Investments, Gross Unrealized Gains |
|
|
Investments, Gross Unrealized Losses |
133
|
|
Investments, Carrying Amount |
$ 1,783
|
|
Hagerty Common Stock [Member] |
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Investments, Cost basis |
|
889
|
Investments, Gross Unrealized Gains |
|
|
Investments, Gross Unrealized Losses |
|
48
|
Investments, Carrying Amount |
|
$ 841
|
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Schedule of Investments Under Equity Method (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
Cash |
$ 200,000
|
|
$ 200,000
|
|
|
Other assets |
1,321,000
|
|
1,321,000
|
|
$ 712,000
|
Total assets |
48,566,000
|
$ 37,273,000
|
48,566,000
|
$ 37,273,000
|
49,475,000
|
Total liabilities |
11,559,000
|
|
11,559,000
|
|
12,180,000
|
General and administrative expenses |
(2,332,000)
|
$ (2,269,000)
|
(4,881,000)
|
(4,009,000)
|
|
Equity Method Investment [Member] |
|
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
Other investments |
56,669,000
|
|
56,669,000
|
|
35,366,000
|
Cash |
262,000
|
|
262,000
|
|
113,000
|
Other assets |
187,000
|
|
187,000
|
|
165,000
|
Total assets |
57,118,000
|
|
57,118,000
|
|
35,644,000
|
Accounts payable |
52,000
|
|
52,000
|
|
65,000
|
Total liabilities |
$ 52,000
|
|
52,000
|
|
$ 65,000
|
Net investment (loss) income |
|
|
1,502,000
|
(4,696,000)
|
|
General and administrative expenses |
|
|
(87,000)
|
(66,000)
|
|
Net income (loss) |
|
|
$ 1,415,000
|
$ (4,762,000)
|
|
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v3.23.2
Schedule of Net Investment Income (Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Schedule of Investments [Line Items] |
|
|
|
|
Net investment (loss) income |
$ (1,529)
|
$ (3,714)
|
$ 1,311
|
$ (6,059)
|
Realized Loss on Common Stock [Member] |
|
|
|
|
Schedule of Investments [Line Items] |
|
|
|
|
Net investment (loss) income |
|
(5,914)
|
(16)
|
(8,791)
|
Change in Unrealized Holding Loss on Common Stock [Member] |
|
|
|
|
Schedule of Investments [Line Items] |
|
|
|
|
Net investment (loss) income |
(133)
|
5,299
|
(85)
|
8,073
|
Equity Method Loss Earnings [Member] |
|
|
|
|
Schedule of Investments [Line Items] |
|
|
|
|
Net investment (loss) income |
(1,948)
|
(3,074)
|
732
|
(5,146)
|
Increase in Investments Without Readily Determinable Fair Value [Member] |
|
|
|
|
Schedule of Investments [Line Items] |
|
|
|
|
Net investment (loss) income |
250
|
|
250
|
|
Increase in Fair Value of Convertible Note [Member] |
|
|
|
|
Schedule of Investments [Line Items] |
|
|
|
|
Net investment (loss) income |
177
|
|
177
|
|
Other [Member] |
|
|
|
|
Schedule of Investments [Line Items] |
|
|
|
|
Net investment (loss) income |
$ 125
|
$ (25)
|
$ 253
|
$ (195)
|
X |
- DefinitionAmount, after investment expense, of income earned from investments in securities and real estate. Includes, but is not limited to, real estate investment, policy loans, dividends, and interest. Excludes realized gain (loss) on investments.
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v3.23.2
Schedule of Significant Unobservable Inputs (Details) $ in Thousands |
Jun. 30, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Measurement Input, Share Price [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Debt instrument, measurement input |
0.0015
|
|
Measurement Input, Exercise Price [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Debt instrument, measurement input |
0.10
|
|
Measurement Input, Expected Term [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Debt instrument, measurement input |
0.7
|
|
Measurement Input, Price Volatility [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Debt instrument, measurement input |
65
|
|
Measurement Input, Risk Free Interest Rate [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Debt instrument, measurement input |
5.4
|
|
Measurement Input, Expected Dividend Rate [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Debt instrument, measurement input |
0.0
|
|
Fair Value, Recurring [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Equity securities, common stock |
$ 2,460
|
$ 841
|
Fair Value, Recurring [Member] | Hagerty Common Stock [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Equity securities, common stock |
1,783
|
841
|
Fair Value, Recurring [Member] | ICore Convertible Note [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Equity securities, common stock |
677
|
|
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Equity securities, common stock |
1,783
|
841
|
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Hagerty Common Stock [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Equity securities, common stock |
1,783
|
841
|
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ICore Convertible Note [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Equity securities, common stock |
|
|
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Equity securities, common stock |
|
|
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Hagerty Common Stock [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Equity securities, common stock |
|
|
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ICore Convertible Note [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Equity securities, common stock |
|
|
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Equity securities, common stock |
677
|
|
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|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Equity securities, common stock |
|
|
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|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Equity securities, common stock |
$ 677
|
|
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v3.23.2
Investments and Fair Value Disclosures (Details Narrative) - USD ($)
|
|
|
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
Mar. 16, 2023 |
Mar. 15, 2023 |
Dec. 15, 2022 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Jan. 04, 2021 |
Sale of stock number of shares sold |
|
|
|
|
16,000
|
|
|
|
|
|
Increase carrying value of FGC |
|
|
|
$ 300,000
|
|
$ 0
|
$ 300,000
|
$ 0
|
|
|
Shares issued price per share |
|
|
|
$ 0.10
|
|
|
$ 0.10
|
|
|
|
Senior unsecured promissory note |
$ 200,000
|
|
|
|
|
|
|
|
|
|
Notes receivable |
|
|
|
$ 900,000
|
|
|
$ 900,000
|
|
$ 0
|
|
Fair Value, Nonrecurring [Member] |
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
|
2,300,000
|
|
|
2,300,000
|
|
2,300,000
|
|
FGMP [Member] |
|
|
|
|
|
|
|
|
|
|
Gain loss on investments |
|
|
|
|
|
|
100,000
|
|
|
|
Equity method investment realized gain (loss) |
|
|
|
|
|
|
2,900,000
|
|
|
|
Undistributed earnings |
|
|
|
|
|
|
8,700,000
|
|
$ 5,700,000
|
|
Investments |
|
|
|
8,700,000
|
|
|
8,700,000
|
|
|
|
FGMP [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
|
800,000
|
|
|
800,000
|
|
|
|
FGAC Investors LLC [Member] |
|
|
|
|
|
|
|
|
|
|
Debt carry value |
|
|
|
8,900,000
|
|
|
8,900,000
|
|
|
|
FG MergerInvestors LLC [Member] |
|
|
|
|
|
|
|
|
|
|
Debt carry value |
|
|
|
3,400,000
|
|
|
3,400,000
|
|
|
|
Green first Forest Products LLC [Member] |
|
|
|
|
|
|
|
|
|
|
Debt carry value |
|
|
|
1,400,000
|
|
|
1,400,000
|
|
|
|
I Core Connect Inc [Member] |
|
|
|
|
|
|
|
|
|
|
Investments |
|
$ 500,000
|
|
|
|
|
|
|
|
|
Debt instrument interest rate |
|
15.00%
|
|
|
|
|
|
|
|
|
Debt instrument maturity date |
|
Mar. 15, 2024
|
|
|
|
|
|
|
|
|
Other investments |
|
$ 500,000
|
|
$ 677,000
|
|
|
$ 677,000
|
|
|
|
Craveworthy [Member] |
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate |
13.00%
|
|
|
|
|
|
|
|
|
|
Debt instrument maturity date |
Mar. 15, 2024
|
|
|
|
|
|
|
|
|
|
Senior unsecured promissory note |
$ 200,000
|
|
|
|
|
|
|
|
|
|
Debt instrument principal amount |
$ 200,000
|
|
|
|
|
|
|
|
|
|
FG SPAC Partners LP [Member] |
|
|
|
|
|
|
|
|
|
|
Equity method investments |
|
|
|
|
|
|
|
|
|
48.00%
|
FGAC Investors LLC [Member] |
|
|
|
|
|
|
|
|
|
|
Equity method investments |
|
|
|
29.00%
|
|
|
29.00%
|
|
|
|
Equity method investment realized gain (loss) |
|
|
|
$ 200,000
|
|
|
|
|
|
|
FG Merger Investors [Member] |
|
|
|
|
|
|
|
|
|
|
Equity method investment realized gain (loss) |
|
|
|
$ 1,300,000
|
|
|
|
|
|
|
Greenfirst Forest Products Holdings LLC [Member] |
|
|
|
|
|
|
|
|
|
|
Equity method investments |
|
|
|
16.00%
|
|
|
16.00%
|
|
|
|
Equity method investment realized gain (loss) |
|
|
|
$ 300,000
|
|
|
|
|
|
|
Investment Fund [Member] |
|
|
|
|
|
|
|
|
|
|
Investment fund |
|
|
|
$ 11,900,000
|
|
|
$ 11,900,000
|
|
|
|
OppFi Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Number of shares issued, shares |
|
|
|
|
|
|
860,000
|
|
|
|
Number of shares issued, value |
|
|
|
|
|
|
$ 1,900,000
|
|
|
|
Hagerty Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Number of shares issued, shares |
|
|
99,999
|
|
|
|
|
|
|
|
Number of shares issued, value |
|
|
$ 889,000
|
|
|
|
|
|
|
|
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v3.23.2
Schedule of Changes in Outstanding Loss and Loss Adjustment Expense Reserves (Details) - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Loss And Loss Adjustment Expense Reserves |
|
|
Balance, beginning of period, net of reinsurance |
$ 4,409
|
$ 2,133
|
Incurred related to: |
|
|
Current year |
3,360
|
2,638
|
Prior year |
516
|
753
|
Paid related to: |
|
|
Current year |
(2,875)
|
(1,590)
|
Prior years |
(745)
|
(1,051)
|
Balance, June 30, net of reinsurance |
$ 4,665
|
$ 2,883
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v3.23.2
Schedule of Reconciliation Effective Tax Rates (Details) (Parenthetical)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Tax Disclosure [Abstract] |
|
|
|
|
Income tax rate |
21.00%
|
21.00%
|
21.00%
|
21.00%
|
v3.23.2
v3.23.2
Schedule of Deferred Income Taxes (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Deferred income tax assets: |
|
|
Net operating loss carryforward |
$ 4,567
|
$ 4,171
|
Loss and loss adjustment expense reserves |
41
|
39
|
Unearned premium reserves |
263
|
287
|
Capital loss carryforward |
4,317
|
4,313
|
Share-based compensation |
370
|
242
|
Investments |
10
|
5
|
Other |
8
|
9
|
Deferred income tax assets |
9,576
|
9,066
|
Less: Valuation allowance |
(5,815)
|
(5,463)
|
Deferred income tax assets net of valuation allowance |
3,761
|
3,603
|
Deferred income tax liabilities: |
|
|
Investments |
3,503
|
3,282
|
Deferred policy acquisition costs |
258
|
321
|
Deferred income tax liabilities |
3,761
|
3,603
|
Net deferred income tax asset (liability) |
|
|
X |
- DefinitionAmount before allocation of valuation allowances of deferred tax asset attributable to deductible capital loss carryforwards.
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v3.23.2
Income Taxes (Details Narrative) - USD ($) $ in Thousands |
6 Months Ended |
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Deferred tax assets, gross |
$ 9,576
|
$ 9,066
|
Deferred tax liabilities |
3,800
|
|
Deferred tax valuation allowances |
5,800
|
|
Operating loss carryforwards |
21,800
|
|
Expire on December 31, 2039 [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Operating loss carryforwards |
500
|
|
Expire on December 31, 2040 [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Operating loss carryforwards |
100
|
|
Expire on December 31, 2041 [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Operating loss carryforwards |
1,600
|
|
Not Expire Under Current Tax Law [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Operating loss carryforwards |
19,600
|
|
Expire on December 2026 [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Operating loss carryforwards |
$ 21,700
|
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v3.23.2
Schedule of Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Number of Non-vested Units, Beginning balance |
256,382
|
164,655
|
Weighted Average Grant Date Fair Value, Beginning balance |
$ 2.57
|
$ 4.35
|
Number of Non-vested Units, Granted |
785,000
|
|
Weighted Average Grant Date Fair Value, Granted |
$ 2.80
|
|
Number of Non-vested Units, Vested |
(139,412)
|
(30,796)
|
Weighted Average Grant Date Fair Value, Vested |
$ 2.82
|
$ 4.45
|
Number of Non-vested Units, Forfeited |
|
|
Weighted Average Grant Date Fair Value, Forfeited |
|
|
Number of Non-vested Units, Ending balance |
901,970
|
133,859
|
Weighted Average Grant Date Fair Value, Ending balance |
$ 2.73
|
$ 4.33
|
X |
- DefinitionThe number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period.
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v3.23.2
Schedule of Stock Option Activity (Details) - 2014 Equity Incentive Plan [Member] - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Shares, Outstanding, Beginning balance |
130,000
|
130,000
|
Weighted Average Exercise Price, Outstanding, Beginning balance |
$ 3.38
|
$ 3.38
|
Weighted Ave Remaining Contractual Term (Years), Outstanding, Beginning balance |
8 years 14 days
|
9 years 14 days
|
Weighted Ave Grant Date Fair Value, Outstanding, Beginning balance |
$ 1.88
|
$ 1.88
|
Aggregate Intrinsic Value, Outstanding, Beginning balance |
|
$ 49,400
|
Shares, Exercisable, Beginning balance |
|
|
Weighted Average Exercise Price, Exercisable, Beginning balance |
|
|
Weighted Ave Grant Date Fair Value, Exercisable, Beginning balance |
|
|
Aggregate Intrinsic Value, Exercisable, Beginning balance |
|
|
Shares, Granted |
|
|
Weighted Average Exercise Price, Granted |
|
|
Weighted Average Grant date Fair Value, Granted |
|
|
Aggregate Intrinsic Value, Granted |
|
|
Shares, Exercised |
|
|
Weighted Average Exercise Price, Exercised |
|
|
Weighted Average Grant date Fair Value, Exercised |
|
|
Aggregate Intrinsic Value, Exercised |
|
|
Shares, Cancelled |
|
|
Weighted Average Exercise Price, Cancelled |
|
|
Weighted Average Grant date Fair Value, Cancelled |
|
|
Aggregate Intrinsic Value, Cancelled |
|
|
Shares, Outstanding, Ending balance |
130,000
|
130,000
|
Weighted Average Exercise Price, Outstanding, Ending balance |
$ 3.38
|
$ 3.38
|
Weighted Ave Remaining Contractual Term (Years), Outstanding, Ending balance |
7 years 6 months 14 days
|
8 years 9 months 14 days
|
Weighted Ave Grant Date Fair Value, Outstanding, Ending balance |
$ 1.88
|
$ 1.88
|
Aggregate Intrinsic Value, Outstanding, Ending balance |
|
$ (249,600)
|
Shares, Exercisable, Ending balance |
|
|
Weighted Average Exercise Price, Exercisable, Ending balance |
|
|
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|
|
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|
|
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v3.23.2
Equity Incentive Plan Grants (Details Narrative) - USD ($)
|
|
|
|
|
|
6 Months Ended |
|
|
|
Feb. 17, 2023 |
Aug. 19, 2022 |
Jul. 31, 2022 |
Jan. 18, 2021 |
Jan. 12, 2021 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Mar. 24, 2023 |
Feb. 24, 2022 |
Dec. 15, 2021 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
ESPP Plan, description |
|
|
|
|
|
|
|
the board of directors approved an employee 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 payment arrangement, expense |
|
|
|
|
|
$ 1,000,000.0
|
$ 115,000
|
|
|
|
Unrecognized stock based compensation expense |
|
|
|
|
|
$ 1,900,000
|
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Warrants outstanding |
|
|
|
|
|
|
|
|
1,500,000
|
|
Exercise price of warrants |
|
|
|
|
|
|
|
|
$ 15.00
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of restricted units granted |
|
|
|
|
|
785,000
|
|
|
|
|
Non Employee Director [Member] | Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of restricted stock issued |
|
158,225
|
|
|
|
|
|
|
|
|
Management [Member] | Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of restricted units granted |
415,000
|
|
|
|
|
|
|
|
|
|
Larry G. Swets Jr [Member] | Equity Award Letter Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Grant an additional stock options |
|
|
|
370,000
|
|
|
|
|
|
|
Larry G. Swets Jr [Member] | Stock Option Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Grant an additional stock options |
|
|
|
|
130,000
|
|
|
|
|
|
Exercise price of shares |
|
|
|
|
$ 3.38
|
|
|
|
|
|
Stock option,description |
|
|
|
|
The Stock Option becomes vested and fully exercisable in
20% increments on each anniversary of the grant date, provided that Mr. Swets remains in the continuous service of the Company through
each applicable vesting date and that the Company’s book value per share has increased by 15% or more as compared to the Company’s
book value per share as of the fiscal year end prior. The Stock Option expires on January 11, 2031.
|
|
|
|
|
|
Stock option service period |
|
|
|
|
|
3 years 3 months 18 days
|
|
|
|
|
Mr.Swets [Member] | Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of restricted units granted |
370,000
|
|
|
|
|
|
|
|
|
|
2021 Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of share available for issuance |
|
|
|
|
|
|
|
1,500,000
|
|
|
2021 Incentive Plan [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of share available for issuance |
|
|
|
|
|
|
|
|
|
1,500,000
|
Amendment 2021 Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of share available for issuance |
|
|
|
|
|
|
|
2,000,000
|
|
|
2021 Equity Incentive Plan [Member] | Employee Director [Member] | Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
25,000
|
|
|
|
|
|
|
|
X |
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v3.23.2
Related Party Transactions (Details Narrative) - USD ($)
|
|
6 Months Ended |
|
|
|
|
|
Mar. 31, 2020 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Mar. 31, 2023 |
Mar. 16, 2023 |
Mar. 15, 2023 |
Dec. 31, 2022 |
Oct. 31, 2022 |
Senior unsecured promissory note |
|
|
|
|
$ 200,000
|
|
|
|
FG Communities Inc [Member] |
|
|
|
|
|
|
|
|
Investments |
|
|
|
$ 200,000
|
|
|
$ 2,000,000.0
|
$ 2,000,000.0
|
I Core Connect Inc [Member] |
|
|
|
|
|
|
|
|
Investments |
|
|
|
|
|
$ 500,000
|
|
|
Joint Venture Agreement [Member] | Fundamental Global Asset Management [Member] |
|
|
|
|
|
|
|
|
Investment ownership percentage |
50.00%
|
|
|
|
|
|
|
|
Shared Services Agreement [Member] | Fundamental Global Management, LLC [Member] |
|
|
|
|
|
|
|
|
Shared services fee |
$ 456,000
|
$ 912,500
|
$ 912,500
|
|
|
|
|
|
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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v3.23.2
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, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Earnings Per Share [Abstract] |
|
|
|
|
Net loss from continuing operations |
$ (2,923)
|
$ (5,478)
|
$ (1,573)
|
$ (9,301)
|
Dividends declared on Series A Preferred Shares |
(444)
|
(447)
|
(891)
|
(894)
|
Loss attributable to FG Financial Group, Inc. common shareholders from continuing operations |
$ (3,367)
|
$ (5,925)
|
$ (2,464)
|
$ (10,195)
|
Weighted average common shares |
9,704,893
|
6,775,501
|
9,564,225
|
6,589,296
|
Loss per common share from continuing operations |
$ (0.35)
|
$ (0.87)
|
$ (0.26)
|
$ (1.55)
|
Weighted average common shares outstanding |
9,704,893
|
6,775,501
|
9,564,225
|
6,589,296
|
X |
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v3.23.2
Commitments and Contingencies (Details Narrative) - USD ($)
|
6 Months Ended |
|
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Apr. 30, 2022 |
Jul. 31, 2021 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Rent expense |
$ 10,000
|
$ 3,500
|
|
|
Lessee discount rate |
8.00%
|
|
|
|
Operating asset and lease liability |
$ 48,000
|
|
|
|
Lease Agreement [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Lease term |
|
|
44 months
|
12 months
|
Payments for rent |
|
|
$ 77,000
|
$ 17,000
|
Rent expense |
$ 0
|
$ 10,000
|
|
|
X |
- DefinitionOperating asset and lease liability.
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v3.23.2
Summary of Segment Reporting (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Segment Reporting Information [Line Items] |
|
|
|
|
|
Net premiums earned |
$ 3,685
|
$ 2,953
|
$ 7,342
|
$ 5,426
|
|
Net investment income (loss) |
(1,529)
|
(3,714)
|
1,311
|
(6,059)
|
|
Other income |
30
|
26
|
60
|
50
|
|
Total revenue |
2,186
|
735
|
8,713
|
583
|
|
Income (loss) before income tax |
(2,923)
|
(5,478)
|
(1,573)
|
(9,301)
|
|
Segment assets |
48,566
|
37,273
|
48,566
|
37,273
|
$ 49,475
|
Total revenue |
(2,186)
|
(735)
|
(8,713)
|
(583)
|
|
Insurance [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Net premiums earned |
3,685
|
2,953
|
7,342
|
5,426
|
|
Net investment income (loss) |
(192)
|
64
|
3,075
|
(905)
|
|
Other income |
|
|
|
|
|
Total revenue |
3,493
|
3,017
|
10,417
|
4,521
|
|
Income (loss) before income tax |
(25)
|
114
|
3,900
|
(547)
|
|
Segment assets |
29,281
|
15,295
|
29,281
|
15,295
|
|
Total revenue |
(3,493)
|
(3,017)
|
(10,417)
|
(4,521)
|
|
Asset Management [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Net premiums earned |
|
|
|
|
|
Net investment income (loss) |
(1,343)
|
(3,778)
|
(1,772)
|
(5,154)
|
|
Other income |
30
|
26
|
60
|
50
|
|
Total revenue |
(1,313)
|
(3,752)
|
(1,712)
|
(5,104)
|
|
Income (loss) before income tax |
(1,313)
|
(3,555)
|
(1,712)
|
(5,118)
|
|
Segment assets |
16,195
|
9,032
|
16,195
|
9,032
|
|
Total revenue |
1,313
|
3,752
|
1,712
|
5,104
|
|
Other Segments [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Net premiums earned |
|
|
|
|
|
Net investment income (loss) |
6
|
|
8
|
|
|
Other income |
|
|
|
|
|
Total revenue |
6
|
|
8
|
|
|
Income (loss) before income tax |
(1,585)
|
(2,037)
|
(3,761)
|
(3,636)
|
|
Segment assets |
3,090
|
12,946
|
3,090
|
12,946
|
|
Total revenue |
$ (6)
|
|
$ (8)
|
|
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
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