Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 28, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | GAIA | |
Entity Registrant Name | GAIA, INC | |
Entity Central Index Key | 0001089872 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 000-27517 | |
Entity Tax Identification Number | 84-1113527 | |
Entity Address, Address Line One | 833 WEST SOUTH BOULDER ROAD | |
Entity Address, City or Town | LOUISVILLE | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80027 | |
City Area Code | 303 | |
Local Phone Number | 222-3600 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Class A Common Stock | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | CO | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Class A Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 13,917,987 | |
Class B Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 5,400,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash | $ 14,428 | $ 12,605 |
Accounts receivable | 2,589 | 2,024 |
Prepaid expenses and other current assets | 1,863 | 1,746 |
Total current assets | 18,880 | 16,375 |
Media library, software and equipment, net | 42,246 | 39,231 |
Right-of-use lease asset, net | 8,061 | 8,622 |
Real estate, investment and other assets, net | 29,199 | 28,500 |
Goodwill | 17,289 | 17,289 |
Total assets | 115,675 | 110,017 |
Current liabilities: | ||
Accounts payable, accrued and other liabilities | 9,855 | 8,947 |
Deferred revenue | 14,130 | 12,376 |
Total current liabilities | 23,985 | 21,323 |
Long-term mortgage, net | 6,146 | 6,250 |
Long-term lease liability | 7,416 | 7,952 |
Deferred taxes | 257 | 257 |
Total liabilities | 37,804 | 35,782 |
Shareholders' equity: | ||
Additional paid-in capital | 152,055 | 150,067 |
Accumulated deficit | (74,186) | (75,834) |
Total shareholders' equity | 77,871 | 74,235 |
Total liabilities and shareholders' equity | 115,675 | 110,017 |
Class A Common Stock [Member] | ||
Shareholders' equity: | ||
Common stock | 1 | 1 |
Class B Common Stock [Member] | ||
Shareholders' equity: | ||
Common stock | $ 1 | $ 1 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Class A Common Stock [Member] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 13,917,987 | 13,782,951 |
Common stock, shares outstanding | 13,917,987 | 13,782,951 |
Class B Common Stock [Member] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 5,400,000 | 5,400,000 |
Common stock, shares outstanding | 5,400,000 | 5,400,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenues, net | $ 20,405 | $ 17,537 | $ 58,744 | $ 48,201 |
Cost of revenues | 2,626 | 2,264 | 7,573 | 6,248 |
Gross profit | 17,779 | 15,273 | 51,171 | 41,953 |
Expenses: | ||||
Selling and operating | 15,544 | 13,479 | 44,820 | 42,354 |
Corporate, general and administration | 1,509 | 1,426 | 4,506 | 4,716 |
Total operating expenses | 17,053 | 14,905 | 49,326 | 47,070 |
Income (loss) from operations | 726 | 368 | 1,845 | (5,117) |
Interest and other income (expense), net | (79) | 5,946 | (197) | 5,395 |
Income before income taxes | 647 | 6,314 | 1,648 | 278 |
Provision for income taxes | 69 | |||
Net income | $ 647 | $ 6,314 | $ 1,648 | $ 209 |
Earnings per share: | ||||
Basic | $ 0.03 | $ 0.33 | $ 0.09 | $ 0.01 |
Diluted | $ 0.03 | $ 0.32 | $ 0.08 | $ 0.01 |
Weighted-average shares outstanding: | ||||
Basic | 19,318 | 19,183 | 19,262 | 18,834 |
Diluted | 19,812 | 19,737 | 19,787 | 19,442 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Shareholder's Equity - USD ($) $ in Thousands | Total | Accumulated Deficit | Common Stock | Additional Paid-in Capital |
Beginning balance at Dec. 31, 2019 | $ 68,914 | $ (76,353) | $ 2 | $ 145,265 |
Beginning balance (in shares) at Dec. 31, 2019 | 18,423,231 | |||
Issuance of Gaia, Inc. common stock for RSU releases, employee stock purchase plan, stock option exercises and share-based compensation | 585 | 585 | ||
Issuance of Gaia, Inc. common stock for RSU releases, employee stock purchase plan, stock option exercises and share-based compensation (in shares) | 335,712 | |||
Net income (loss) | (3,580) | (3,580) | ||
Ending balance at Mar. 31, 2020 | 65,919 | (79,933) | $ 2 | 145,850 |
Ending balance (in shares) at Mar. 31, 2020 | 18,758,943 | |||
Beginning balance at Dec. 31, 2019 | 68,914 | (76,353) | $ 2 | 145,265 |
Beginning balance (in shares) at Dec. 31, 2019 | 18,423,231 | |||
Share-based compensation | 1,864 | |||
Net income (loss) | 209 | |||
Ending balance at Sep. 30, 2020 | 73,451 | (76,144) | $ 2 | 149,593 |
Ending balance (in shares) at Sep. 30, 2020 | 19,182,951 | |||
Beginning balance at Mar. 31, 2020 | 65,919 | (79,933) | $ 2 | 145,850 |
Beginning balance (in shares) at Mar. 31, 2020 | 18,758,943 | |||
Issuance of Gaia, Inc. common stock for RSU releases, employee stock purchase plan, stock option exercises and share-based compensation | 410 | 410 | ||
Issuance of Gaia, Inc. common stock for RSU releases, employee stock purchase plan, stock option exercises and share-based compensation (in shares) | 26,920 | |||
Issuance of Gaia, Inc. common stock for note conversion and business combination | 2,929 | 2,929 | ||
Issuance of Gaia, Inc. common stock for note conversion and business combination (in shares) | 386,887 | |||
Net income (loss) | (2,525) | (2,525) | ||
Ending balance at Jun. 30, 2020 | 66,733 | (82,458) | $ 2 | 149,189 |
Ending balance (in shares) at Jun. 30, 2020 | 19,172,750 | |||
Issuance of Gaia, Inc. common stock for RSU releases, employee stock purchase plan, stock option exercises and share-based compensation | 404 | 404 | ||
Issuance of Gaia, Inc. common stock for RSU releases, employee stock purchase plan, stock option exercises and share-based compensation (in shares) | 10,201 | |||
Net income (loss) | 6,314 | 6,314 | ||
Ending balance at Sep. 30, 2020 | 73,451 | (76,144) | $ 2 | 149,593 |
Ending balance (in shares) at Sep. 30, 2020 | 19,182,951 | |||
Beginning balance at Dec. 31, 2020 | 74,235 | (75,834) | $ 2 | 150,067 |
Beginning balance (in shares) at Dec. 31, 2020 | 19,182,951 | |||
Issuance of Gaia, Inc. common stock for RSU releases, employee stock purchase plan, stock option exercises and share-based compensation | 684 | 684 | ||
Issuance of Gaia, Inc. common stock for RSU releases, employee stock purchase plan, stock option exercises and share-based compensation (in shares) | 17,895 | |||
Net income (loss) | 358 | 358 | ||
Ending balance at Mar. 31, 2021 | 75,277 | (75,476) | $ 2 | 150,751 |
Ending balance (in shares) at Mar. 31, 2021 | 19,200,846 | |||
Beginning balance at Dec. 31, 2020 | 74,235 | (75,834) | $ 2 | 150,067 |
Beginning balance (in shares) at Dec. 31, 2020 | 19,182,951 | |||
Share-based compensation | 1,236 | |||
Net income (loss) | 1,648 | |||
Ending balance at Sep. 30, 2021 | 77,871 | (74,186) | $ 2 | 152,055 |
Ending balance (in shares) at Sep. 30, 2021 | 19,317,987 | |||
Beginning balance at Mar. 31, 2021 | 75,277 | (75,476) | $ 2 | 150,751 |
Beginning balance (in shares) at Mar. 31, 2021 | 19,200,846 | |||
Issuance of Gaia, Inc. common stock for RSU releases, employee stock purchase plan, stock option exercises and share-based compensation | 771 | 771 | ||
Issuance of Gaia, Inc. common stock for RSU releases, employee stock purchase plan, stock option exercises and share-based compensation (in shares) | 117,141 | |||
Net income (loss) | 643 | 643 | ||
Ending balance at Jun. 30, 2021 | 76,691 | (74,833) | $ 2 | 151,522 |
Ending balance (in shares) at Jun. 30, 2021 | 19,317,987 | |||
Share-based compensation | 533 | 533 | ||
Net income (loss) | 647 | 647 | ||
Ending balance at Sep. 30, 2021 | $ 77,871 | $ (74,186) | $ 2 | $ 152,055 |
Ending balance (in shares) at Sep. 30, 2021 | 19,317,987 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities: | ||
Net income | $ 1,648 | $ 209 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 9,641 | 9,026 |
Share-based compensation expense | 1,236 | 1,864 |
Gain on sale of real estate | (6,125) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (565) | (204) |
Prepaid expenses and other assets | (117) | 517 |
Accounts payable and accrued liabilities | 989 | (2,621) |
Deferred revenue | 1,754 | 4,531 |
Net cash provided by operating activities | 14,586 | 7,197 |
Investing activities: | ||
Additions to media library, property and equipment | (13,355) | (10,369) |
Proceeds from sale of real estate | 13,150 | |
Net cash provided by (used in) investing activities | (13,355) | 2,781 |
Financing activities: | ||
Repayment of debt | (160) | (17,000) |
Proceeds from issuance of debt, net of issuance costs | 4,000 | |
Proceeds from the issuance of common stock | 752 | 249 |
Net cash provided by (used in) financing activities | 592 | (12,751) |
Net change in cash | 1,823 | (2,773) |
Cash at beginning of period | 12,605 | 11,494 |
Cash at end of period | $ 14,428 | $ 8,721 |
Organization, Nature of Operati
Organization, Nature of Operations, and Principles of Consolidation | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Organization, Nature of Operations, and Principles of Consolidation | 1. Organization, Nature of Operations, and Principles of Consolidation Gaia, Inc. was incorporated under the laws of the State of Colorado on July 7, 1988, and operates a global digital video subscription service and on-line community that caters to a unique and underserved member base. Our digital content library includes approximately 8,000 titles, with a growing selection of titles available in Spanish, German and French. Our members have unlimited access to this vast library of inspiring films, cutting edge documentaries, interviews, yoga classes, transformation-related content, and more – 80% of which is exclusively available to our members for digital streaming on most internet-connected devices anytime, anywhere, commercial free. Our mission is to create a transformational network that empowers a global conscious community. Content on our network is currently curated into four primary channels— Yoga, Transformation, Alternative Healing, and Seeking Truth— and delivered directly to our members through our streaming platform. We develop programming for these channels by producing content in our in-house production studios with a staff of media professionals. This produced and owned content currently represents over 80% of our viewership. We complement our produced and owned content through long-term licensing agreements. We have prepared the accompanying unaudited interim condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”), and they include our accounts and those of our subsidiaries. Intercompany transactions and balances have been eliminated. The unaudited condensed consolidated financial position, results of operations and cash flows for the interim periods disclosed in this report are not necessarily indicative of future financial results. There have been no material changes in our significant accounting policies, other than the adoption of accounting pronouncements below, as compared to the significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2020. Use of Estimates and Reclassifications The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in the accompanying financial statements and disclosures. Although we base these estimates on our best knowledge of current events and actions that we may undertake in the future, actual results may be different from the estimates. We have made certain reclassifications to prior period amounts to conform to the current period presentations. Accounting Pronouncements Implemented in 2021 In June 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) With the exception of the new standard discussed above, no other new accounting pronouncements have significance, or potential significance, to our reported financial position or results of operations. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2021 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 2. Revenue Recognition Revenues consist primarily of subscription fees paid by our members. We present revenues net of taxes collected from members. Members are billed in advance and revenues are recognized ratably over the subscription term. Deferred revenue consists of subscription fees collected from members that have not been earned and is recognized ratably over the remaining term of the subscription. We recognize revenue on a net basis for relationships where our partners have the primary relationship, including billing and service delivery, with the member. Payments made to partners to assist in promoting our service on their platforms are expensed as marketing expenses in the period incurred. We do not allow access to our service to be provided as part of a bundle by any of our partners. |
Equity and Share-Based Compensa
Equity and Share-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity and Share-Based Compensation | 3. Equity and Share-Based Compensation During the first nine months of 2021 and 2020, we recognized approximately $1,236,000 and $1,864,000, respectively, of share-based compensation expense. Total share-based compensation expense is reported in selling and operating expenses and corporate, general and administration expenses on our condensed consolidated statements of operations. During the first nine months of 2021, 90,000 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 4. Goodwill and Other Intangible Assets There were no changes in goodwill for the period from December 31, 2020 through September 30, 2021. Other unamortized intangible assets included in Real estate, investments and other assets on the accompanying condensed consolidated balance sheet consist of $571,000 for domain names as of September 30, 2021 and December 31, 2020. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | 5. Debt On December 28, 2020, our wholly owned subsidiary Boulder Road LLC (“Boulder Road”) and Westside Boulder, LLC (“Westside”) entered into a loan agreement with Great Western Bank, as lender, providing for a mortgage in the principal amount of $13 million. The mortgage bears interest at a fixed rate of 3.75% per annum, matures on December 28, 2025, and is secured by a deed of trust on our corporate campus, a portion of which is owned by Boulder Road and Westside as tenants-in-common and the remainder of which is owned by Boulder Road. Westside and Boulder Road each received 50% of the proceeds and are each responsible for 50% of the monthly installments. Gaia guaranteed payment of the mortgage. The mortgage is subject to certain financial covenants related to the corporate campus. Maturities on long-term debt, net are: (in thousands) 2021 (remaining) $ 36 2022 144 2023 150 2024 156 2025 5,800 $ 6,286 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | 6. Leases We have an operating lease for the portion of our corporate campus that Boulder Road and Westside own. We record the right to use the underlying asset for the operating lease term as an asset and our obligation to make lease payments as a liability for the 50% related to Westside. Because the rate implicit in the lease is not readily determinable, we use our incremental borrowing rate to determine the present value of lease payments. Information related to our right of use asset and related lease liability is: September 30, December 31, (in thousands) Balance Sheet Classification 2021 2020 Right-of-use asset Right-of-use lease asset, net $ 8,061 $ 8,622 Operating lease liability (current) Accounts payable, accrued and other liabilities $ 711 $ 691 Operating lease liability (non-current) Long-term lease liability 7,416 7,952 $ 8,127 $ 8,643 For the Three Months Ended September 30, (in thousands) 2021 2020 Cash paid for operating lease liabilities $ 250 $ 56 For the Nine Months Ended September 30, (in thousands) 2021 2020 Cash paid for operating lease liabilities $ 750 $ 56 Operating lease expense is recognized on a straight-line basis over the lease term. Future amortization of our lease liability as of September 30, 2021: (in thousands) 2021 (remaining) $ 250 2022 1,001 2023 1,001 2024 1,008 2025 1,035 Thereafter 5,316 Future lease payments, gross 9,611 Less: Imputed interest (1,484 ) Operating lease liability $ 8,127 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 7. Earnings Per Share Basic earnings per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted earnings per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential shares of common stock outstanding during the period (“Common stock equivalents”). Common stock equivalents consist of incremental shares issuable upon the assumed exercise of stock options and vesting of restricted stock units utilizing the treasury stock method. The computation of diluted earnings per share is: For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands, except per share data) 2021 2020 2021 2020 (unaudited) (unaudited) Net income $ 647 $ 6,314 $ 1,648 $ 209 Shares used in computation: Weighted-average common stock outstanding 19,318 19,183 19,262 18,834 Common stock equivalents 494 554 525 608 Weighted-average number of shares 19,812 19,737 19,787 19,442 Diluted earnings per share $ 0.03 $ 0.32 $ 0.08 $ 0.01 Employee stock options with exercise prices greater than the average market price of the common stock were excluded from the diluted calculation as their inclusion would have been anti-dilutive. The following table summarizes the potential shares of common stock excluded from the diluted calculation: For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 (unaudited) (unaudited) Employee stock options and RSU's 31 31 31 31 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes Our provision for income taxes is comprised of: For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Current: Federal $ — $ — $ — $ — State — — — — Total current — — — — Deferred: Federal — — — 69 State — — — — Total deferred — — — 69 Total income tax expense $ — $ — $ — $ 69 The income tax expense recorded in 2020 is a result of the amortization of goodwill over 15 years for tax purposes. Periodically, we perform assessments of the realization of our net deferred tax assets considering all available evidence, both positive and negative. Based on our historical operating losses, combined with our plans to continue to invest in our revenue growth and content library, we have a full valuation allowance on our deferred tax assets as of September 30, 2021 As of September 30, 2021, our net operating loss carryforwards on a gross basis were $74.3 million and $20.0 million for federal and state, respectively. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | 9. Contingencies From time to time, we are involved in legal proceedings that we consider to be in the normal course of business. We record accruals for losses related to those matters against us that we consider to be probable and that can be reasonably estimated. Based on available information, in the opinion of management, settlements, arbitration awards and final judgments, if any, that are considered probable of being rendered against us in litigation or arbitration in existence at September 30, 2021 and that can be reasonably estimated are either reserved against or would not have a material adverse effect on our financial condition, results of operations or cash flows. |
Organization, Nature of Opera_2
Organization, Nature of Operations, and Principles of Consolidation (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Use of Estimates and Reclassifications | Use of Estimates and Reclassifications The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in the accompanying financial statements and disclosures. Although we base these estimates on our best knowledge of current events and actions that we may undertake in the future, actual results may be different from the estimates. We have made certain reclassifications to prior period amounts to conform to the current period presentations. |
Accounting Pronouncements Implemented in 2021 | Accounting Pronouncements Implemented in 2021 In June 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) With the exception of the new standard discussed above, no other new accounting pronouncements have significance, or potential significance, to our reported financial position or results of operations. |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities on Long Term Debt, Net | Maturities on long-term debt, net are: (in thousands) 2021 (remaining) $ 36 2022 144 2023 150 2024 156 2025 5,800 $ 6,286 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Schedule of Right of Use Asset and Related Lease Liability and Supplemental Cash Flow Information | Because the rate implicit in the lease is not readily determinable, we use our incremental borrowing rate to determine the present value of lease payments. Information related to our right of use asset and related lease liability is: September 30, December 31, (in thousands) Balance Sheet Classification 2021 2020 Right-of-use asset Right-of-use lease asset, net $ 8,061 $ 8,622 Operating lease liability (current) Accounts payable, accrued and other liabilities $ 711 $ 691 Operating lease liability (non-current) Long-term lease liability 7,416 7,952 $ 8,127 $ 8,643 For the Three Months Ended September 30, (in thousands) 2021 2020 Cash paid for operating lease liabilities $ 250 $ 56 For the Nine Months Ended September 30, (in thousands) 2021 2020 Cash paid for operating lease liabilities $ 750 $ 56 |
Schedule of Future Amortization of Lease Liability | Operating lease expense is recognized on a straight-line basis over the lease term. Future amortization of our lease liability as of September 30, 2021: (in thousands) 2021 (remaining) $ 250 2022 1,001 2023 1,001 2024 1,008 2025 1,035 Thereafter 5,316 Future lease payments, gross 9,611 Less: Imputed interest (1,484 ) Operating lease liability $ 8,127 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Diluted Earnings Per Share | The computation of diluted earnings per share is: For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands, except per share data) 2021 2020 2021 2020 (unaudited) (unaudited) Net income $ 647 $ 6,314 $ 1,648 $ 209 Shares used in computation: Weighted-average common stock outstanding 19,318 19,183 19,262 18,834 Common stock equivalents 494 554 525 608 Weighted-average number of shares 19,812 19,737 19,787 19,442 Diluted earnings per share $ 0.03 $ 0.32 $ 0.08 $ 0.01 |
Summary of Potential Common Shares Excluded from Diluted Calculation | The following table summarizes the potential shares of common stock excluded from the diluted calculation: For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 (unaudited) (unaudited) Employee stock options and RSU's 31 31 31 31 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | Our provision for income taxes is comprised of: For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Current: Federal $ — $ — $ — $ — State — — — — Total current — — — — Deferred: Federal — — — 69 State — — — — Total deferred — — — 69 Total income tax expense $ — $ — $ — $ 69 |
Organization, Nature of Opera_3
Organization, Nature of Operations, and Principles of Consolidation - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2021TitleChannel | |
Organization Nature Of Operations And Principles Of Consolidation [Line Items] | |
Number of titles available in digital content library | Title | 8,000 |
Number of channels | Channel | 4 |
ASU 2019-12 [Member] | |
Organization Nature Of Operations And Principles Of Consolidation [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2021 |
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true |
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true |
Minimum [Member] | |
Organization Nature Of Operations And Principles Of Consolidation [Line Items] | |
Percentage of digital streaming exclusively available for subscribers | 80.00% |
Percentage of produced and owned content views | 80.00% |
Equity and Share-Based Compen_2
Equity and Share-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Share-based compensation expense | $ 533,000 | $ 1,236,000 | $ 1,864,000 |
Options exercised during period | 90,000 | 32,200 | |
Proceeds from stock options exercised | $ 615,000 | $ 181,000 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | ||
Changes in goodwill | $ 0 | |
Domain Names [Member] | ||
Goodwill [Line Items] | ||
Unamortized Intangible Assets | $ 571,000 | $ 571,000 |
Debt - Additional Information (
Debt - Additional Information (Detail) - Boulder Road LLC [Member] - Westside Boulder, LLC. [Member] - Loan Agreement [Member] - Great Western Bank [Member] - Mortgage Loan [Member] $ in Millions | Dec. 28, 2020USD ($) |
Debt Instrument [Line Items] | |
Loan principal amount | $ 13 |
Interest rate | 3.75% |
Debt instrument, maturity date | Dec. 28, 2025 |
Percentage of line of credit proceeds | 50.00% |
Percentage of line of credit monthly installments | 50.00% |
Debt - Schedule of Maturities o
Debt - Schedule of Maturities on Long Term Debt, Net (Detail) $ in Thousands | Sep. 30, 2021USD ($) |
Maturities Of Long Term Debt [Abstract] | |
2021 (remaining) | $ 36 |
2022 | 144 |
2023 | 150 |
2024 | 156 |
2025 | 5,800 |
Total maturities on long-term debt | $ 6,286 |
Leases - Additional Information
Leases - Additional Information (Detail) | Sep. 30, 2021 |
Westside Boulder, LLC. [Member] | |
Lessee Lease Description [Line Items] | |
Operating lease obligation liability percentage | 50.00% |
Leases - Schedule of Right of U
Leases - Schedule of Right of Use Asset and Related Lease Liability (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Right-of-use asset | $ 8,061 | $ 8,622 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | us-gaap:OtherAssets | |
Operating lease liability (current) | $ 711 | 691 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accounts payable, accrued and other liabilities | |
Operating lease liability (non-current) | $ 7,416 | 7,952 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Operating lease liability (non-current) | |
Operating Lease, Liability | $ 8,127 | $ 8,643 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||||
Cash paid for operating lease liabilities | $ 250 | $ 56 | $ 750 | $ 56 |
Leases - Schedule of Future Amo
Leases - Schedule of Future Amortization of Lease Liability (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2021 (remaining) | $ 250 | |
2022 | 1,001 | |
2023 | 1,001 | |
2024 | 1,008 | |
2025 | 1,035 | |
Thereafter | 5,316 | |
Future lease payments, gross | 9,611 | |
Less: Imputed interest | (1,484) | |
Operating lease liability | $ 8,127 | $ 8,643 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Computation of Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 647 | $ 6,314 | $ 1,648 | $ 209 |
Weighted-average shares outstanding: | ||||
Weighted-average common stock outstanding | 19,318 | 19,183 | 19,262 | 18,834 |
Common stock equivalents | 494 | 554 | 525 | 608 |
Weighted-average number of shares | 19,812 | 19,737 | 19,787 | 19,442 |
Diluted earnings per share | $ 0.03 | $ 0.32 | $ 0.08 | $ 0.01 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Potential Common Shares Excluded from Diluted Calculation (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Employee Stock Options and RSU's [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 31 | 31 | 31 | 31 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Deferred: | |
Federal | $ 69 |
Total deferred | 69 |
Total income tax expense | $ 69 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Income Taxes [Line Items] | |
Goodwill useful life for income tax purposes | 15 years |
Federal [Member] | |
Income Taxes [Line Items] | |
Net operating loss carryforwards | $ 74.3 |
State [Member] | |
Income Taxes [Line Items] | |
Net operating loss carryforwards | $ 20 |