☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 65-0960915 | |
(State of Incorporation) | (I.R.S. Employer Identification Number) |
Title of Each Class | Trading Symbol | Name of Each Exchange on which Registered | ||
Class A Common Stock, par value $0.001 per share | BBGI | Nasdaq Global Market |
Large accelerated filer | ||||||
☐ | ||||||
Accelerated filer | ☐ |
Non-accelerated filer | ☐ | Smaller reporting company | ☒ | |||
Emerging growth company | ☐ |
Page No. | ||||||||||||
PART I | ||||||||||||
FINANCIAL INFORMATION | ||||||||||||
Item 1. | 3 | |||||||||||
7 | ||||||||||||
Item 2. | ||||||||||||
Item 3. | ||||||||||||
Item 4. | ||||||||||||
Item 1. | Legal Proceedings. | 23 | ||||||||||
Item 1A. | ||||||||||||
23 | ||||||||||||
Item 2. | ||||||||||||
Item 3. | ||||||||||||
Item 4. | ||||||||||||
Item 5. | ||||||||||||
Item 6. | ||||||||||||
December 31, 2020 | September 30, 2021 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 20,759,432 | $ | 48,141,758 | ||||
Accounts receivable, less allowance for doubtful accounts of $5,033,035 in 2020 and $1,748,483 in 2021 | 47,395,423 | 47,197,566 | ||||||
Prepaid expenses | 2,486,860 | 8,741,464 | ||||||
Other current assets | 6,883,554 | 5,156,134 | ||||||
Total current assets | 77,525,269 | 109,236,922 | ||||||
Property and equipment, net | 53,667,550 | 51,037,061 | ||||||
Operating lease right-of-use | 34,419,663 | 36,183,469 | ||||||
Finance lease right-of-use | 333,333 | 323,333 | ||||||
FCC licenses | 508,558,355 | 508,413,913 | ||||||
Goodwill | 28,596,547 | 28,596,547 | ||||||
Other intangibles, net | 25,859,192 | 23,428,235 | ||||||
Other assets | 9,654,447 | 5,729,459 | ||||||
Total assets | $ | 738,614,356 | $ | 762,948,939 | ||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 12,395,407 | $ | 6,827,616 | ||||
Operating lease liabilities | 7,006,194 | 8,082,982 | ||||||
Finance lease liabilities | 70,171 | 19,487 | ||||||
Other current liabilities | 20,988,441 | 28,840,426 | ||||||
Total current liabilities | 40,460,213 | 43,770,511 | ||||||
Due to related parties | 5,621,364 | 396,371 | ||||||
Long-term debt, net of unamortized debt issuance costs | 258,345,380 | 303,409,681 | ||||||
Operating lease liabilities | 29,632,908 | 30,405,364 | ||||||
Finance lease liabilities | 1,945 | 0 | ||||||
Deferred tax liabilities | 120,913,983 | 116,505,040 | ||||||
Other long-term liabilities | 16,536,743 | 16,528,538 | ||||||
Total liabilities | 471,512,536 | 511,015,505 | ||||||
Commitments and contingencies | 0 | |||||||
Stockholders’ equity: | ||||||||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0ne issued | 0 | 0 | ||||||
Class A common stock, $0.001 par value; 150,000,000 shares authorized; 15,930,765 issued and 12,677,074 outstanding in 2020; 16,141,985 issued and 12,600,240 outstanding in 2021 | 15,930 | 16,141 | ||||||
Class B common stock, $0.001 par value; 75,000,000 shares authorized; 16,662,743 issued and outstanding in 2020 and 2021 | 16,662 | 16,662 | ||||||
Additional paid-in capital | 154,004,965 | 150,688,962 | ||||||
Treasury stock, Class A common stock; 3,253,691 shares in 2020; 3,541,745 shares in 2021 | (28,187,857 | ) | (29,000,030 | ) | ||||
Retained earnings | 143,304,213 | 131,638,318 | ||||||
Accumulated other comprehensive loss | (1,426,619 | ) | (1,426,619 | ) | ||||
Total stockholders’ equity | 267,727,294 | 251,933,434 | ||||||
Noncontrolling interests | (625,474 | ) | 0 | |||||
Total equity | 267,101,820 | 251,933,434 | ||||||
Total liabilities and equity | $ | 738,614,356 | $ | 762,948,939 | ||||
December 31, | June 30, | |||||||
2021 | 2022 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 51,378,642 | $ | 45,918,446 | ||||
Accounts receivable, less allowance for doubtful accounts of $1,720,477 in 2021 and $1,648,342 in 2022 | 53,378,437 | 45,628,769 | ||||||
Prepaid expenses | 4,044,056 | 6,330,503 | ||||||
Other current assets | 3,397,418 | 3,983,998 | ||||||
Total current assets | 112,198,553 | 101,861,716 | ||||||
Property and equipment, net | 49,843,166 | 52,658,061 | ||||||
Operating lease right-of-use | 34,155,175 | 36,970,653 | ||||||
Finance lease right-of-use | 320,000 | 313,333 | ||||||
FCC licenses | 508,413,913 | 503,003,909 | ||||||
Goodwill | 28,596,547 | 22,739,996 | ||||||
Other intangibles, net | 22,697,207 | 23,373,197 | ||||||
Other assets | 5,863,501 | 7,688,682 | ||||||
Total assets | $ | 762,088,062 | $ | 748,609,547 | ||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities: | ||||||||
Current installments of long-term debt | $ | — | $ | 2,000,000 | ||||
Accounts payable | 6,995,081 | 9,637,062 | ||||||
Operating lease liabilities | 7,693,831 | 7,385,483 | ||||||
Finance lease liabilities | 1,945 | — | ||||||
Other current liabilities | 29,811,226 | 30,842,734 | ||||||
Total current liabilities | 44,502,083 | 49,865,279 | ||||||
Due to related parties | 372,193 | 101,087 | ||||||
Long-term debt, net of current installments and unamortized debt issuance costs | 293,789,892 | 287,641,142 | ||||||
Operating lease liabilities | 28,747,450 | 36,635,544 | ||||||
Deferred tax liabilities | 115,689,317 | 112,930,112 | ||||||
Other long-term liabilities | 15,904,829 | 15,899,359 | ||||||
Total liabilities | 499,005,764 | 503,072,523 | ||||||
Commitments and contingencies | 0 | |||||||
Stockholders’ equity: | ||||||||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0ne issued | 0— | 0— | ||||||
Class A common stock, $0.001 par value; 150,000,000 shares authorized; 16,249,312 issued and 12,696,857 outstanding in 2021; 16,503,979 issued and 12,880,701 outstanding in 2022 | 16,248 | 16,502 | ||||||
Class B common stock, $0.001 par value; 75,000,000 shares authorized; 16,662,743 issued and outstanding in 2021 and 2022 | 16,662 | 16,662 | ||||||
Additional paid-in capital | 150,896,611 | 151,502,437 | ||||||
Treasury stock, Class A common stock; 3,552,455 shares in 2021; 3,623,278 shares in 2022 | (29,021,360 | ) | (29,127,067 | ) | ||||
Retained earnings | 142,220,494 | 124,174,847 | ||||||
Accumulated other comprehensive loss | (1,046,357 | ) | (1,046,357 | ) | ||||
Total stockholders’ equity | 263,082,298 | 245,537,024 | ||||||
Total liabilities and stockholders’ equity | $ | 762,088,062 | $ | 748,609,547 | ||||
Three Months Ended June 30, | ||||||||
2021 | 2022 | |||||||
Net revenue | $ | 59,574,705 | $ | 64,810,450 | ||||
Operating expenses: | ||||||||
Operating expenses (including stock-based compensation of $176,349 in 2021 and $75,368 in 2022 and excluding depreciation and amortization shown separately below) | 48,494,420 | 53,626,592 | ||||||
Corporate expenses (including stock-based compensation of $225,850 in 2021 and $303,462 in 2022) | 3,957,854 | 4,567,470 | ||||||
Depreciation and amortization | 2,850,923 | 2,451,102 | ||||||
Impairment losses | — | 8,619,097 | ||||||
Other operating income, net | (1,500,000 | ) | — | |||||
Total operating expenses | 53,803,197 | 69,264,261 | ||||||
Operating income (loss) | 5,771,508 | (4,453,811 | ) | |||||
Non-operating income (expense): | ||||||||
Interest expense | (6,865,369 | ) | (6,823,217 | ) | ||||
Other income, net | 8,080 | 190,210 | ||||||
Loss before income taxes | (1,085,781 | ) | (11,086,818 | ) | ||||
Income tax expense (benefit) | (1,299,394 | ) | 3,554,469 | |||||
Income (loss) before equity in earnings of unconsolidated affiliates | 213,613 | (14,641,287 | ) | |||||
Equity in earnings of unconsolidated affiliates, net of tax | (25,919 | ) | 186,570 | |||||
Net income (loss) | 187,694 | (14,454,717 | ) | |||||
Net income (loss) per Class A and Class B common share: | ||||||||
Basic and diluted | $ | 0.01 | $ | (0.49 | ) | |||
Weighted average shares outstanding: | ||||||||
Basic | 29,235,009 | 29,418,951 | ||||||
Diluted | 29,324,614 | 29,418,951 |
Three Months Ended September 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2021 | 2021 | 2022 | |||||||||||||
Net revenue | $ | 49,649,659 | $ | 62,902,935 | $ | 107,786,745 | $ | 120,530,718 | ||||||||
Operating expenses: | ||||||||||||||||
Operating expenses (including stock-based compensation of $103,980 in 2020 and $100,688 in 2021 and excluding depreciation and amortization shown separately below) | 41,589,490 | 51,186,064 | ||||||||||||||
Corporate expenses (including stock-based compensation of $124,988 in 2020 and $150,650 in 2021) | 3,712,816 | 3,980,815 | ||||||||||||||
Operating expenses (including stock-based compensation of $247,280 in 2021 and $153,591 in 2022 and excluding depreciation and amortization shown separately below) | 91,462,291 | 103,636,141 | ||||||||||||||
Corporate expenses (including stock-based compensation of $675,720 in 2021 and $452,489 in 2022) | 7,863,143 | 8,800,930 | ||||||||||||||
Depreciation and amortization | 2,912,681 | 2,843,350 | 5,802,824 | 4,967,002 | ||||||||||||
Other operating expense | 600,000 | 0 | ||||||||||||||
Impairment losses | — | 10,476,323 | ||||||||||||||
Gain on disposition | (191,988 | ) | — | |||||||||||||
Other operating income, net | (400,000 | ) | — | |||||||||||||
Total operating expenses | 48,814,987 | 58,010,229 | 104,536,270 | 127,880,396 | ||||||||||||
Operating income | 834,672 | 4,892,706 | ||||||||||||||
Operating income (loss) | 3,250,475 | (7,349,678 | ) | |||||||||||||
Non-operating income (expense): | ||||||||||||||||
Interest expense | (4,544,235 | ) | (7,021,577 | ) | (12,643,440 | ) | (13,672,254 | ) | ||||||||
Other income (expense), net | (42,156 | ) | 12,186 | |||||||||||||
Loss on extinguishment of long-term debt | (4,996,731 | ) | — | |||||||||||||
Other income, net | 46,493 | 191,082 | ||||||||||||||
Loss before income taxes | (3,751,719 | ) | (2,116,685 | ) | (14,343,203 | ) | (20,830,850 | ) | ||||||||
Income tax benefit | (1,031,166 | ) | (515,380 | ) | (3,902,280 | ) | (2,621,977 | ) | ||||||||
Loss before equity in earnings of unconsolidated affiliates | (2,720,553 | ) | (1,601,305 | ) | (10,440,923 | ) | (18,208,873 | ) | ||||||||
Equity in earnings of unconsolidated affiliates, net of tax | (4,221 | ) | (19,018 | ) | (56,024 | ) | 163,226 | |||||||||
Net loss | (2,724,774 | ) | (1,620,323 | ) | (10,496,947 | ) | (18,045,647 | ) | ||||||||
Earnings attributable to noncontrolling interest | 339,376 | 0 | 129,249 | — | ||||||||||||
Net loss attributable to BBGI stockholders | $ | (2,385,398 | ) | (1,620,323 | ) | (10,367,698 | ) | (18,045,647 | ) | |||||||
Net loss attributable to BBGI stockholders per Class A and Class B common share: | ||||||||||||||||
Basic and diluted | $ | (0.08 | ) | $ | (0.06 | ) | $ | (0.35 | ) | $ | (0.61 | ) | ||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 29,154,148 | 29,254,609 | ||||||||||||||
Diluted | 29,154,148 | 29,254,609 | ||||||||||||||
Basic and diluted | 29,268,717 | 29,395,003 |
Nine Months Ended September 30, | ||||||||
2020 | 2021 | |||||||
Net revenue | $ | 137,683,217 | $ | 170,689,680 | ||||
Operating expenses: | ||||||||
Operating expenses (including stock-based compensation of $347,497 in 2020 and $347,968 in 2021 and excluding depreciation and amortization shown separately below) | 133,868,282 | 142,648,355 | ||||||
Corporate expenses (including stock-based compensation of $347,174 in 2020 and $826,370 in 2021) | 11,950,672 | 11,843,958 | ||||||
Depreciation and amortization | 8,375,227 | 8,646,174 | ||||||
Impairment losses | 6,804,412 | 0 | ||||||
Gain on disposition | 0 | (191,988 | ) | |||||
Other operating (income) expense, net | 600,000 | (400,000 | ) | |||||
Total operating expenses | 161,598,593 | 162,546,499 | ||||||
Operating income (loss) | (23,915,376 | ) | 8,143,181 | |||||
Non-operating income (expense): | ||||||||
Interest expense | (12,580,706 | ) | (19,665,017 | ) | ||||
Loss on extinguishment of long-term debt | (2,798,789 | ) | (4,996,731 | ) | ||||
Other income, net | 55,960 | 58,679 | ||||||
Loss before income taxes | (39,238,911 | ) | (16,459,888 | ) | ||||
Income tax benefit | (9,490,892 | ) | (4,417,660 | ) | ||||
Loss before equity in earnings of unconsolidated affiliates | (29,748,019 | ) | (12,042,228 | ) | ||||
Equity in earnings of unconsolidated affiliates, net of tax | (90,715 | ) | (75,042 | ) | ||||
Net loss | (29,838,734 | ) | (12,117,270 | ) | ||||
Earnings attributable to noncontrolling interest | 881,814 | 129,249 | ||||||
Net loss attributable to BBGI stockholders | $ | (28,956,920 | ) | (11,988,021 | ) | |||
Net loss attributable to BBGI stockholders per Class A and Class B common share: | ||||||||
Basic and diluted | $ | (1.02 | ) | $ | (0.41 | ) | ||
Dividends declared per common share | $ | 0.05 | $ | 0 | ||||
Weighted average shares outstanding: | ||||||||
Basic | 28,362,512 | 29,263,963 | ||||||
Diluted | 28,362,512 | 29,263,963 |
Nine Months Ended September 30, | ||||||||
2020 | 2021 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (29,838,734 | ) | $ | (12,117,270 | ) | ||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||
Stock-based compensation | 694,671 | 1,174,338 | ||||||
Provision for bad debts | 3,432,813 | (1,487,150 | ) | |||||
Depreciation and amortization | 8,375,227 | 8,646,174 | ||||||
Impairment losses | 6,804,412 | 0 | ||||||
Non-cash interest expense | 290,426 | 0 | ||||||
Gain on disposition | 0 | (191,988 | ) | |||||
Amortization of loan fees | 1,441,634 | 1,171,785 | ||||||
Loss on extinguishment of long-term debt | 2,798,789 | 4,996,731 | ||||||
Deferred income taxes | (8,972,361 | ) | (4,417,660 | ) | ||||
Equity in earnings of unconsolidated affiliates | 90,715 | 75,042 | ||||||
Change in operating assets and liabilities: | ||||||||
Accounts receivable | 12,586,295 | 1,685,007 | ||||||
Prepaid expenses | (1,978,601 | ) | (6,254,604 | ) | ||||
Other assets | 3,164,693 | (1,656,170 | ) | |||||
Accounts payable | 2,900,129 | (5,567,791 | ) | |||||
Other liabilities | (1,295,347 | ) | 7,796,383 | |||||
Other operating activities | 305,806 | 170,172 | ||||||
Net cash provided by (used in) operating activities | 800,567 | (5,977,001 | ) | |||||
Cash flows from investing activities: | ||||||||
Capital expenditures | (6,996,619 | ) | (3,704,750 | ) | ||||
Proceeds from dispositions | 0 | 362,500 | ||||||
Proceeds from life insurance | 0 | 3,000,000 | ||||||
Payments for investments | (1,000,000 | ) | 0 | |||||
Net cash used in investing activities | (7,996,619 | ) | (342,250 | ) | ||||
Cash flows from financing activities: | ||||||||
Issuance of debt | 14,000,000 | 310,000,000 | ||||||
Payments on debt | (4,500,000 | ) | (268,500,000 | ) | ||||
Payment of debt issuance costs | (2,581,163 | ) | (7,604,215 | ) | ||||
Reduction of finance lease liabilities | (48,615 | ) | (52,629 | ) | ||||
Dividends paid | (2,795,504 | ) | 0 | |||||
Purchase of treasury stock | (34,412 | ) | (141,579 | ) | ||||
Net cash provided by financing activities | 4,040,306 | 33,701,577 | ||||||
Net increase (decrease) in cash and cash equivalents | (3,155,746 | ) | 27,382,326 | |||||
Cash and cash equivalents at beginning of period | 18,648,171 | 20,759,432 | ||||||
Cash and cash equivalents at end of period | $ | 15,492,425 | $ | 48,141,758 | ||||
Cash paid for interest | $ | 10,871,306 | $ | 14,703,825 | ||||
Cash paid for income taxes | $ | 115,400 | $ | 1,526,303 | ||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||
Acquisition of noncontrolling interest | $ | 0 | $ | 4,490,130 | ||||
Extinguishment of trade sales payable | $ | 0 | $ | 934,500 | ||||
Class A common stock returned to treasury stock | $ | 0 | $ | 670,594 | ||||
Class A common stock issued for debt repayment | $ | 2,250,000 | $ | 0 | ||||
Six Months Ended June 30, | ||||||||
2021 | 2022 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (10,496,947 | ) | $ | (18,045,647 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Stock-based compensation | 923,000 | 606,080 | ||||||
Provision for bad debts | (1,779,188 | ) | 588,751 | |||||
Depreciation and amortization | 5,802,824 | 4,967,002 | ||||||
Impairment losses | — | 10,476,323 | ||||||
Gain on disposition | (191,988 | ) | — | |||||
Amortization of loan fees | 791,574 | 754,085 | ||||||
Loss on extinguishment of long-term debt | 4,996,731 | — | ||||||
Deferred income taxes | (3,902,280 | ) | (2,747,810 | ) | ||||
Equity in earnings of unconsolidated affiliates | 56,024 | (163,226 | ) | |||||
Change in operating assets and liabilities: | ||||||||
Accounts receivable | 4,835,493 | 7,160,917 | ||||||
Prepaid expenses | (2,320,101 | ) | (2,286,447 | ) | ||||
Other assets | (1,684,017 | ) | (2,176,152 | ) | ||||
Accounts payable | (5,837,685 | ) | 2,641,981 | |||||
Other liabilities | 13,446,861 | 5,003,953 | ||||||
Other operating activities | 208,725 | (28,264 | ) | |||||
Net cash provided by operating activities | 4,849,026 | 6,751,546 | ||||||
Cash flows from investing activities: | ||||||||
Payment for acquisition | — | (2,000,000 | ) | |||||
Capital expenditures | (2,553,787 | ) | (6,486,902 | ) | ||||
Proceeds from dispositions | 362,500 | 1,185,312 | ||||||
Net cash used in investing activities | (2,191,287 | ) | (7,301,590 | ) | ||||
Cash flows from financing activities: | ||||||||
Issuance of debt | 310,000,000 | — | ||||||
Payments on debt | (268,500,000 | ) | (4,802,500 | ) | ||||
Payment of debt issuance costs | (7,604,215 | ) | — | |||||
Reduction of finance lease liabilities | (35,086 | ) | (1,945 | ) | ||||
Purchase of treasury stock | (136,779 | ) | (105,707 | ) | ||||
Net cash provided by (used in) financing activities | 33,723,920 | (4,910,152 | ) | |||||
Net increase (decrease) in cash and cash equivalents | 36,381,659 | (5,460,196 | ) | |||||
Cash and cash equivalents at beginning of period | 20,759,432 | 51,378,642 | ||||||
Cash and cash equivalents at end of period | $ | 57,141,091 | $ | 45,918,446 | ||||
Cash paid for interest | $ | 1,837,493 | $ | 12,921,869 | ||||
Cash paid for income taxes | $ | 1,526,303 | $ | 1,546,500 | ||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||
Acquisition of noncontrolling interest | $ | 4,490,130 | $ | — | ||||
Extinguishment of trade sales payable | $ | 934,500 | $ | — | ||||
Class A common stock returned to treasury stock | $ | 670,594 | $ | — | ||||
(1) |
(2) | Acquisitions and Dispositions |
(3) | FCC Licenses |
Balance as of January 1, 2022 | $ | 508,413,913 | ||
Radio station disposition (see Note 2) | (790,232 | ) | ||
Impairment losses (see below and also Note 2) | (4,619,772 | ) | ||
Balance as of June 30, 2022 | $ | 503,003,909 | ||
Revenue growth rates | (1.9) | |
Market revenue shares at maturity | 0.6% - | |
Operating income margins at maturity | 19.2 % - 32.6% | |
Discount rate | 9.5% |
(4) | Goodwill |
Balance as of January 1, 2022 | $ | 28,596,547 | ||
Impairment losses | (5,856,551 | ) | ||
Balance as of June 30, 2022 | $ | 22,739,996 | ||
Revenue growth rates | (1.9)% - 11.1% | |
Operating income margins | 5.4% - 29.8% | |
Discount rate | 9.5% |
(5) | Long-Term Debt |
December 31, 2020 | September 30, 2021 | |||||||
Secured notes | $ | — | $ | 300,000,000 | ||||
PPP loan | — | 10,000,000 | ||||||
Credit facility - term loan | 238,000,000 | — | ||||||
Credit facility - revolving credit facility | 20,000,000 | — | ||||||
Promissory note | 5,500,000 | — | ||||||
263,500,000 | 310,000,000 | |||||||
Less unamortized debt issuance costs | (5,154,620 | ) | (6,590,319 | ) | ||||
$ | 258,345,380 | $ | 303,409,681 | |||||
December 31, 2021 | June 30, 2022 | |||||||
Secured notes | $ | 300,000,000 | $ | 295,000,000 | ||||
Less unamortized debt issuance costs | (6,210,108 | ) | (5,358,858 | ) | ||||
293,789,892 | 289,641,142 | |||||||
Less current installments | — | (2,000,000 | ) | |||||
$ | 293,789,892 | $ | 287,641,142 | |||||
(6) | Stockholders’ Equity |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2020 | 2021 | 2020 | 2021 | |||||||||||||
Beginning balance | $ | 257,061,115 | $ | 253,307,219 | $ | 284,471,958 | $ | 267,101,820 | ||||||||
Issuance of common stock | 2,540,425 | — | 2,540,425 | — | ||||||||||||
Stock-based compensation | 228,968 | 251,338 | 694,671 | 1,174,338 | ||||||||||||
Acquisition of noncontrolling interest | — | — | — | (4,490,130 | ) | |||||||||||
Purchase of treasury stock | (2,493 | ) | (4,800 | ) | (34,412 | ) | (812,173 | ) | ||||||||
Net loss | (2,724,774 | ) | (1,620,323 | ) | (29,838,734 | ) | (12,117,270 | ) | ||||||||
Elimination of noncontrolling interest | — | — | — | 1,076,849 | ||||||||||||
Cash dividends | — | — | (1,398,321 | ) | — | |||||||||||
Noncontrolling interest created in consolidation | — | — | 667,654 | — | ||||||||||||
Ending balance | $ | 257,103,241 | $ | 251,933,434 | $ | 257,103,241 | $ | 251,933,434 | ||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2021 | 2022 | 2021 | 2022 | |||||||||||||
Beginning balance | $ | 252,739,797 | $ | 259,689,019 | $ | 267,101,820 | $ | 263,082,298 | ||||||||
Stock-based compensation | 402,199 | 378,830 | 923,000 | 606,080 | ||||||||||||
Acquisition of noncontrolling interest | — | — | (4,490,130 | ) | — | |||||||||||
Purchase of treasury stock | (22,471 | ) | (76,108 | ) | (807,373 | ) | (105,707 | ) | ||||||||
Net income (loss) | 187,694 | (14,454,717 | ) | (10,496,947 | ) | (18,045,647 | ) | |||||||||
Elimination of noncontrolling interest | — | — | 1,076,849 | — | ||||||||||||
Ending balance | $ | 253,307,219 | $ | 245,537,024 | $ | 253,307,219 | $ | 245,537,024 | ||||||||
Three months ended September 30, | Nine months ended September 30, | Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||
2020 | 2021 | 2020 | 2021 | 2021 | 2022 | 2021 | 2022 | |||||||||||||||||||||||||
Audio | $ | 44,159,807 | $ | 54,043,650 | $ | 120,567,001 | $ | 146,988,486 | $ | 51,215,234 | $ | 53,417,896 | $ | 92,944,836 | $ | 100,783,041 | ||||||||||||||||
Digital | 4,994,487 | 8,318,112 | 14,344,769 | 22,065,183 | 7,983,343 | 10,719,410 | 13,747,071 | 18,527,660 | ||||||||||||||||||||||||
Other | 495,365 | 541,173 | 2,771,447 | 1,636,011 | 376,128 | 673,144 | 1,094,838 | 1,220,017 | ||||||||||||||||||||||||
$ | 49,649,659 | $ | 62,902,935 | $ | 137,683,217 | $ | 170,689,680 | $ | 59,574,705 | $ | 64,810,450 | $ | 107,786,745 | $ | 120,530,718 | |||||||||||||||||
December 31, 2021 | June 30, 2022 | |||||||
Deferred revenue | $ | 3,085,370 | $ | 5,112,294 |
December 31, 2020 | September 30, 2021 | |||||||
Deferred revenue | $ | 3,732,890 | $ | 3,247,752 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2021 | 2022 | 2021 | 2022 | |||||||||||||
Losses on receivables | $ | 602,253 | $ | 373,333 | $ | 1,697,566 | $ | 660,886 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2020 | 2021 | 2020 | 2021 | |||||||||||||
Losses on receivables | $ | 965,864 | $ | 99,836 | $ | 2,054,342 | $ | 1,797,402 |
December 31, 2020 | September 30, 2021 | |||||||
Trade sales receivable | $ | 956,999 | $ | 886,223 | ||||
Trade sales payable | 892,543 | 804,354 |
December 31, 2021 | June 30, 2022 | |||||||
Trade sales receivable | $ | 881,885 | $ | 1,087,601 | ||||
Trade sales payable | 614,467 | 723,239 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2020 | 2021 | 2020 | 2021 | |||||||||||||
Trade sales revenue | $ | 1,211,223 | $ | 1,781,124 | $ | 3,755,119 | $ | 3,786,046 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2021 | 2022 | 2021 | 2022 | |||||||||||||
Trade sales revenue | $ | 1,075,325 | $ | 1,504,105 | $ | 2,004,922 | $ | 2,876,678 |
(8) |
Units | Weighted- Average Grant-Date Fair Value | |||||||
Unvested as of July 1, 2021 | 677,052 | $ | 3.30 | |||||
Granted | 0 | 0 | ||||||
Vested | 0 | 0 | ||||||
Forfeited | 0 | 0 | ||||||
Unvested as of September 30, 2021 | 677,052 | $ | 3.30 | |||||
Shares | Weighted- Average Grant-Date Fair Value | Units | Weighted- Average Grant-Date Fair Value | |||||||||||||
Unvested as of July 1, 2021 | 12,500 | $ | 4.84 | |||||||||||||
Unvested as of April 1, 2022 | 918,816 | $ | 2.75 | |||||||||||||
Granted | 531,582 | 1.49 | ||||||||||||||
Vested | (7,500 | ) | 4.90 | (211,333 | ) | 3.51 | ||||||||||
Forfeited | 0 | 0 | (30,000 | ) | 2.47 | |||||||||||
Unvested as of September 30, 2021 | 5,000 | $ | 4.75 | |||||||||||||
Unvested as of June 30, 2022 | 1,209,065 | $ | 2.07 | |||||||||||||
(9) |
(10) | Earnings Per Share |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2021 | 2022 | 2021 | 2022 | |||||||||||||
Net income (loss) attributable to BBGI stockholders | $ | 187,694 | $ | (14,454,717 | ) | $ | (10,367,698 | ) | $ | (18,045,647 | ) | |||||
Weighted-average shares outstanding: | ||||||||||||||||
Basic | 29,235,009 | 29,418,951 | 29,268,717 | 29,395,003 | ||||||||||||
Effect of dilutive restricted stock units and restricted stock | 89,605 | — | — | — | ||||||||||||
Diluted | 29,324,614 | 29,418,951 | 29,268,717 | 29,395,003 | ||||||||||||
Net income (loss) attributable to BBGI stockholders per Class A and Class B common share – basic and diluted | $ | 0.01 | $ | (0.49 | ) | $ | (0.35 | ) | $ | (0.61 | ) | |||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2020 | 2021 | 2020 | 2021 | |||||||||||||
Net loss attributable to BBGI stockholders | $ | (2,385,398 | ) | $ | (1,620,323 | ) | $ | (28,956,920 | ) | $ | (11,988,021 | ) | ||||
Weighted-average shares outstanding: | ||||||||||||||||
Basic | 29,154,148 | 29,254,609 | 28,362,512 | 29,263,963 | ||||||||||||
Effect of dilutive restricted stock units and restricted stock | 0 | 0 | 0 | 0 | ||||||||||||
Diluted | 29,154,148 | 29,254,609 | 28,362,512 | 29,263,963 | ||||||||||||
Net loss attributable to BBGI stockholders per Class A and Class B common share – basic and diluted | $ | (0.08 | ) | $ | ( 0.06 | ) | $ | (1.02 | ) | $ | (0.41 | ) | ||||
(11) |
(12) | Segment Information |
Audio | Digital | Other | Corporate | Total | ||||||||||||||||
Net revenue | $ | 53,417,896 | $ | 10,719,410 | $ | 673,144 | $ | — | $ | 64,810,450 | ||||||||||
Operating expenses | 43,187,604 | 9,171,535 | 1,267,453 | — | 53,626,592 | |||||||||||||||
Corporate expenses | — | — | — | 4,567,470 | 4,567,470 | |||||||||||||||
Depreciation and amortization | 1,564,338 | 4,613 | 700,953 | 181,198 | 2,451,102 | |||||||||||||||
Impairment losses | 8,619,097 | — | — | — | 8,619,097 | |||||||||||||||
Operating income (loss) | $ | 46,857 | $ | 1,543,262 | $ | (1,295,262 | ) | $ | (4,748,668 | ) | $ | (4,453,811 | ) | |||||||
Audio | Digital | Other | Corporate | Total | ||||||||||||||||
Capital expenditures | $ | 5,039,229 | $ | 8,982 | $ | (1,598 | ) | $ | 64,514 | $ | 5,111,127 |
Audio | Digital | Other | Corporate | Total | Audio | Digital | Other | Corporate | Total | |||||||||||||||||||||||||||||||
Net revenue | $ | 54,043,650 | $ | 8,318,112 | $ | 541,173 | $ | 0 | $ | 62,902,935 | $ | 51,215,234 | $ | 7,983,343 | $ | 376,128 | $ | — | $ | 59,574,705 | ||||||||||||||||||||
Operating expenses | 42,287,054 | 8,047,207 | 851,803 | 0 | 51,186,064 | 39,715,005 | 7,910,418 | 868,997 | — | 48,494,420 | ||||||||||||||||||||||||||||||
Corporate expenses | 0 | 0 | 0 | 3,980,815 | 3,980,815 | — | — | — | 3,957,854 | 3,957,854 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 1,896,729 | 4,371 | 796,018 | 146,232 | 2,843,350 | 1,911,236 | 4,142 | 796,019 | 139,526 | 2,850,923 | ||||||||||||||||||||||||||||||
Other operating income, net | — | — | — | (1,500,000 | ) | (1,500,000 | ) | |||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 9,859,867 | $ | 266,534 | $ | (1,106,648 | ) | $ | (4,127,047 | ) | $ | 4,892,706 | $ | 9,588,993 | $ | 68,783 | $ | (1,288,888 | ) | $ | (2,597,380 | ) | $ | 5,771,508 | ||||||||||||||||
Audio | Digital | Other | Corporate | Total | ||||||||||||||||
Capital expenditures | $ | 1,276,776 | $ | 87,432 | $ | — | $ | 160,311 | $ | 1,524,519 |
Audio | Digital | Other | Corporate | Total | ||||||||||||||||
Net revenue | $ | 100,783,041 | $ | 18,527,660 | $ | 1,220,017 | $ | — | $ | 120,530,718 | ||||||||||
Operating expenses | 84,050,529 | 17,573,298 | 2,012,314 | — | 103,636,141 | |||||||||||||||
Corporate expenses | — | — | — | 8,800,930 | 8,800,930 | |||||||||||||||
Depreciation and amortization | 3,186,165 | 9,077 | 1,396,301 | 375,459 | 4,967,002 | |||||||||||||||
Impairment losses | 10,476,323 | — | — | — | 10,476,323 | |||||||||||||||
Operating income (loss) | $ | 3,070,024 | $ | 945,285 | $ | (2,188,598 | ) | $ | (9,176,389 | ) | $ | (7,349,678 | ) | |||||||
Audio | Digital | Other | Corporate | Total | ||||||||||||||||
Capital expenditures | $ | 6,221,223 | $ | 10,826 | $ | 59,084 | $ | 206,744 | $ | 6,497,877 |
Audio | Digital | Other | Corporate | Total | ||||||||||||||||
Net revenue | $ | 146,988,486 | $ | 22,065,183 | $ | 1,636,011 | $ | 0 | $ | 170,689,680 | ||||||||||
Operating expenses | 116,737,528 | 23,215,540 | 2,695,287 | 0 | 142,648,355 | |||||||||||||||
Corporate expenses | 0 | 0 | 0 | 11,843,958 | 11,843,958 | |||||||||||||||
Depreciation and amortization | 5,812,342 | 8,513 | 2,403,940 | 421,379 | 8,646,174 | |||||||||||||||
Gain on disposition | (191,988 | ) | 0 | 0 | 0 | (191,988 | ) | |||||||||||||
Other operating (income) expense, net | 500,000 | 0 | 0 | (900,000 | ) | (400,000 | ) | |||||||||||||
Operating income (loss) | $ | 24,130,604 | $ | (1,158,870 | ) | $ | (3,463,216 | ) | $ | (11,365,337 | ) | $ | 8,143,181 | |||||||
Audio | Digital | Other | Corporate | Total | ||||||||||||||||
Net revenue | $ | 92,944,836 | $ | 13,747,071 | $ | 1,094,838 | $ | — | $ | 107,786,745 | ||||||||||
Operating expenses | 74,450,474 | 15,168,333 | 1,843,484 | — | 91,462,291 | |||||||||||||||
Corporate expenses | — | — | — | 7,863,143 | 7,863,143 | |||||||||||||||
Depreciation and amortization | 3,915,613 | 4,142 | 1,607,922 | 275,147 | 5,802,824 | |||||||||||||||
Gain on disposition | (191,988 | ) | — | — | — | (191,988 | ) | |||||||||||||
Other operating (income) expense, net | 500,000 | — | — | (900,000 | ) | (400,000 | ) | |||||||||||||
Operating income (loss) | $ | 14,270,737 | $ | (1,425,404 | ) | $ | (2,356,568 | ) | $ | (7,238,290 | ) | $ | 3,250,475 | |||||||
Audio | Digital | Other | Corporate | Total | ||||||||||||||||
Capital expenditures | $ | 1,989,721 | $ | 87,432 | $ | 2,852 | $ | 473,782 | $ | 2,553,787 |
Audio | Digital | Other | Corporate | Total | Audio | Digital | Other | Corporate | Total | |||||||||||||||||||||||||||||||
Capital expenditures | $ | 3,098,655 | $ | 87,432 | $ | 2,852 | $ | 515,811 | $ | 3,704,750 | ||||||||||||||||||||||||||||||
Property and equipment, net | 46,154,908 | 78,919 | 22,618 | 4,780,616 | 51,037,061 | $ | 48,624,289 | $ | 76,296 | $ | 75,224 | $ | 3,882,252 | $ | 52,658,061 | |||||||||||||||||||||||||
FCC licenses | 508,413,913 | 0 | 0 | 0 | 508,413,913 | 503,003,909 | — | — | — | 503,003,909 | ||||||||||||||||||||||||||||||
Goodwill | 25,377,447 | 0 | 3,219,100 | 0 | 28,596,547 | 19,520,896 | — | 3,219,100 | — | 22,739,996 | ||||||||||||||||||||||||||||||
Other intangibles, net | 2,010,106 | 0 | 21,238,466 | 179,663 | 23,428,235 | 1,907,547 | 2,000,000 | 19,285,987 | 179,663 | 23,373,197 |
Audio | Digital | Other | Corporate | Total | ||||||||||||||||
Property and equipment, net | $ | 45,696,008 | $ | 74,547 | $ | 21,644 | $ | 4,050,967 | $ | 49,843,166 | ||||||||||
FCC licenses | 508,413,913 | — | — | — | 508,413,913 | |||||||||||||||
Goodwill | 25,377,447 | — | 3,219,100 | — | 28,596,547 | |||||||||||||||
Other intangibles, net | 1,974,093 | — | 20,543,451 | 179,663 | 22,697,207 |
Revenue growth rates | (1.9)% - 15.9% | |
Market revenue shares at maturity | 0.6% - 44.0% | |
Operating income margins at maturity | 19.2% - 32.6% | |
Discount rate | 9.5% |
Market cluster | FCC broadcasting licenses | Excess | ||||||
Atlanta, GA | $ | 832,300 | 13.1 | % | ||||
Augusta, GA | 6,113,075 | 57.1 | ||||||
Boston, MA | 137,856,160 | 0.2 | ||||||
Charlotte, NC | 56,418,151 | 9.4 | ||||||
Detroit, MI | 29,978,201 | 8.2 | ||||||
Fayetteville, NC | 8,974,679 | 9.3 | ||||||
Fort Myers-Naples, FL | 9,131,300 | — | ||||||
Las Vegas, NV | 33,655,100 | — | ||||||
Middlesex, Monmouth, Morristown, NJ | 21,896,900 | 1.6 | ||||||
Philadelphia, PA | 119,674,192 | 11.2 | ||||||
Tampa-Saint Petersburg, FL | 61,787,351 | 16.7 | ||||||
Wilmington, DE | 16,686,500 | — |
Revenue growth rates | (1.9)% - 11.1% | |
Operating income margins | 5.4% - 29.8% | |
Discount rate | 9.5% |
Three Months ended September 30, | Change | |||||||||||||||
2020 | 2021 | $ | % | |||||||||||||
Net revenue | $ | 49,649,659 | $ | 62,902,935 | $ | 13,253,276 | 26.7 | % | ||||||||
Operating expenses | 41,589,490 | 51,186,064 | 9,596,574 | 23.1 | ||||||||||||
Corporate expenses | 3,712,816 | 3,980,815 | 267,999 | 7.2 | ||||||||||||
Other operating expense | 600,000 | — | (600,000 | ) | (100.0 | ) | ||||||||||
Interest expense | 4,544,235 | 7,021,577 | 2,477,342 | 54.5 | ||||||||||||
Income tax benefit | (1,031,166 | ) | (515,380 | ) | 515,786 | 50.0 | ||||||||||
Net loss | (2,724,774 | ) | (1,620,323 | ) | 1,104,451 | 40.5 |
Three Months ended June 30, | Change | |||||||||||||||
2021 | 2022 | $ | % | |||||||||||||
Net revenue | $ | 59,574,705 | $ | 64,810,450 | $ | 5,235,745 | 8.8 | % | ||||||||
Operating expenses | 48,494,420 | 53,626,592 | 5,132,172 | 10.6 | ||||||||||||
Corporate expenses | 3,957,854 | 4,567,470 | 609,616 | 15.4 | ||||||||||||
Impairment losses | — | 8,619,097 | 8,619,097 | — | ||||||||||||
Other operating income, net | 1,500,000 | — | (1,500,000 | ) | (100.0 | ) | ||||||||||
Income tax expense (benefit) | (1,299,394 | ) | 3,554,469 | 4,853,863 | 373.5 | |||||||||||
Net income (loss) | 187,694 | (14,454,717 | ) | (14,642,411 | ) | (7801.2 | ) |
Three Months ended June 30, | Change | |||||||||||||||
2021 | 2022 | $ | % | |||||||||||||
Net revenue | ||||||||||||||||
Audio | $ | 51,215,234 | $ | 53,417,896 | $ | 2,202,662 | 4.3 | % | ||||||||
Digital | 7,983,343 | 10,719,410 | 2,736,067 | 34.3 | ||||||||||||
Other | 376,128 | 673,144 | 297,016 | 79.0 | ||||||||||||
$ | 59,574,705 | $ | 64,810,450 | $ | 5,235,745 | 8.8 | ||||||||||
Operating expenses | ||||||||||||||||
Audio | $ | 39,715,005 | $ | 43,187,604 | $ | 3,472,599 | 8.7 | % | ||||||||
Digital | 7,910,418 | 9,171,535 | 1,261,117 | 15.9 | ||||||||||||
Other | 868,997 | 1,267,453 | 398,456 | 45.9 | ||||||||||||
$ | 48,494,420 | $ | 53,626,592 | $ | 5,132,172 | 10.6 | ||||||||||
Six Months ended June 30, | Change | |||||||||||||||
2021 | 2022 | $ | % | |||||||||||||
Net revenue | $ | 107,786,745 | $ | 120,530,718 | $ | 12,743,973 | 11.8 | % | ||||||||
Operating expenses | 91,462,291 | 103,636,141 | 12,173,850 | 13.3 | ||||||||||||
Corporate expenses | 7,863,143 | 8,800,930 | 937,787 | 11.9 | ||||||||||||
Impairment losses | — | 10,476,323 | 10,476,323 | — | ||||||||||||
Other operating income, net | 400,000 | — | (400,000 | ) | (100.0 | ) | ||||||||||
Interest expense | 12,643,440 | 13,672,254 | 1,028,814 | 8.1 | ||||||||||||
Loss on extinguishment of long-term debt | 4,996,731 | — | (4,996,731 | ) | (100.0 | ) | ||||||||||
Income tax benefit | 3,902,280 | 2,621,977 | (1,280,303 | ) | (32.8 | ) | ||||||||||
Net loss | 10,496,947 | 18,045,647 | 7,548,700 | 71.9 |
Six Months ended June 30, | Change | |||||||||||||||
2021 | 2022 | $ | % | |||||||||||||
Net revenue | ||||||||||||||||
Audio | $ | 92,944,836 | $ | 100,783,041 | $ | 7,838,205 | 8.4 | % | ||||||||
Digital | 13,747,071 | 18,527,660 | 4,780,589 | 34.8 | ||||||||||||
Other | 1,094,838 | 1,220,017 | 125,179 | 11.4 | ||||||||||||
$ | 107,786,745 | $ | 120,530,718 | $ | 12,743,973 | 11.8 | ||||||||||
Operating expenses | ||||||||||||||||
Audio | $ | 74,450,474 | $ | 84,050,529 | $ | 9,600,055 | 12.9 | % | ||||||||
Digital | 15,168,333 | 17,573,298 | 2,404,965 | 15.9 | ||||||||||||
Other | 1,843,484 | 2,012,314 | 168,830 | 9.2 | ||||||||||||
$ | 91,462,291 | $ | 103,636,141 | $ | 12,173,850 | 13.3 | ||||||||||
Nine Months ended September 30, | Change | |||||||||||||||
2020 | 2021 | $ | % | |||||||||||||
Net revenue | $ | 137,683,217 | $ | 170,689,680 | $ | 33,006,463 | 24.0 | % | ||||||||
Operating expenses | 133,868,282 | 142,648,355 | 8,780,073 | 6.6 | ||||||||||||
Corporate expenses | 11,950,672 | 11,843,958 | (106,714 | ) | (0.9 | ) | ||||||||||
Impairment losses | 6,804,412 | — | (6,804,412 | ) | (100.0 | ) | ||||||||||
Other operating (income) expense, net | 600,000 | (400,000 | ) | (1,000,000 | ) | (166.7 | ) | |||||||||
Interest expense | 12,580,706 | 19,665,017 | 7,084,311 | 56.3 | ||||||||||||
Loss on extinguishment of long-term debt | 2,798,789 | 4,996,731 | 2,197,942 | 78.5 | ||||||||||||
Income tax benefit | (9,490,892 | ) | (4,417,660 | ) | 5,073,232 | 53.5 | ||||||||||
Net loss | (29,838,734 | ) | (12,117,270 | ) | 17,721,464 | 59.4 |
Six Months ended June 30, | ||||||||
2021 | 2022 | |||||||
Net cash provided by operating activities | $ | 4,849,026 | $ | 6,751,546 | ||||
Net cash used in investing activities | (2,191,287 | ) | (7,301,590 | ) | ||||
Net cash provided by (used in) financing activities | 33,723,920 | (4,910,152 | ) | |||||
Net increase (decrease) in cash and cash equivalents | $ | 36,381,659 | $ | (5,460,196 | ) | |||
Nine Months ended September 30, | ||||||||
2020 | 2021 | |||||||
Net cash provided by (used in) operating activities | $ | 800,567 | $ | (5,977,001) | ||||
Net cash used in investing activities | (7,996,619 | ) | (342,250 | ) | ||||
Net cash provided by financing activities | 4,040,306 | 33,701,577 | ||||||
Net increase (decrease) in cash and cash equivalents | $ | (3,155,746 | ) | $ | 27,382,326 | |||
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. |
ITEM 4. CONTROLS AND PROCEDURES. |
ITEM 1. LEGAL PROCEEDINGS. |
ITEM 1A. RISK FACTORS. |
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Program | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Program | ||||||||||||
July 1 – 31, 2021 | — | — | — | — | ||||||||||||
August 1 – 31, 2021 | — | — | — | — | ||||||||||||
September 1 – 30, 2021 | 1,875 | $ | 2.56 | — | — | |||||||||||
Total | 1,875 | |||||||||||||||
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Program | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Program | ||||||||||||
April 1 – 30, 2022 | 2,965 | $ | 1.70 | — | — | |||||||||||
May 1 – 31, 2022 | 22,430 | 1.50 | — | — | ||||||||||||
June 1 – 30, 2022 | 29,221 | 1.28 | — | — | ||||||||||||
Total | 54,616 | |||||||||||||||
None. ITEM 4. MINE SAFETY DISCLOSURES. Not applicable. ITEM 5. OTHER INFORMATION. |
BEASLEY BROADCAST GROUP, INC. | ||||||
Dated: | /s/ Caroline Beasley | |||||
Name: Caroline Beasley | ||||||
Title: Chief Executive Officer (principal executive officer) | ||||||
Dated: | /s/ Marie Tedesco | |||||
Name: Marie Tedesco | ||||||
Title: Chief Financial Officer (principal financial and accounting officer) |