Beasley Broadcast (BBGI) 10-Q 14 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Aug. 06, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Trading Symbol	BBGI
Entity Registrant Name	BEASLEY BROADCAST GROUP, INC.
Entity Central Index Key	0001099160
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Interactive Data Current	Yes
Entity Address, State or Province	FL
Entity Tax Identification Number	65-0960915
Entity Address, Address Line One	3033 Riviera Drive
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Naples
Entity Address, Postal Zip Code	34103
City Area Code	239
Local Phone Number	263-5000
Security Exchange Name	NASDAQ
Title of 12(b) Security	Class A Common Stock, par value $0.001 per share
Entity File Number	000-29253
Entity Incorporation, State or Country Code	DE
Document Transition Report	false
Document Quarterly Report	true
Class A Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		13,796,612
Class B Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		16,662,743

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 33,294,187	$ 26,733,921
Accounts receivable, less allowance for credit losses of $1,752,058 in 2023 and $1,473,743 in 2024	47,175,316	53,424,196
Prepaid expenses	5,818,556	4,338,503
Other current assets	2,134,690	2,150,163
Total current assets	88,422,749	86,646,783
Property and equipment, net	49,919,069	51,474,754
Operating lease right-of-use assets	33,431,749	34,767,126
FCC licenses	393,006,900	393,006,900
Goodwill	922,000	922,000
Other intangibles, net	2,576,904	2,722,408
Other assets	4,888,812	4,727,967
Total assets	573,168,183	574,267,938
Current liabilities:
Accounts payable	13,737,563	14,299,048
Operating lease liabilities	8,283,652	8,082,981
Other current liabilities	27,900,560	25,913,827
Total current liabilities	49,921,775	48,295,856
Long-term debt, net of unamortized debt issuance costs	264,874,288	264,203,010
Operating lease liabilities	31,621,104	33,440,246
Deferred tax liabilities	70,222,945	71,894,915
Total liabilities	424,080,032	425,289,303
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued
Additional paid-in capital	153,209,210	152,794,353
Treasury stock, Class A common stock; 3,737,441 shares in 2023; 3,790,020 shares in 2024	(29,276,664)	(29,239,179)
Retained earnings	24,774,875	25,042,926
Accumulated other comprehensive income	346,484	346,484
Total stockholders' equity	149,088,151	148,978,635
Total liabilities and stockholders' equity	573,168,183	574,267,938
Class A Common Stock [Member]
Stockholders' equity:
Common stock	17,584	17,389
Class B Common Stock [Member]
Stockholders' equity:
Common stock	16,662	16,662
Due to Related Parties [Member]
Current liabilities:
Other long-term liabilities	39,663	55,019
Nonrelated Party [Member]
Current liabilities:
Other long-term liabilities	$ 7,400,257	$ 7,400,257

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Allowance for doubtful accounts	$ 1,473,743	$ 1,752,058
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Class A Common Stock [Member]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	17,586,632	17,391,382
Common stock, shares outstanding	13,796,612	13,653,941
Treasury stock, Class A common stock shares	3,790,020	3,737,441
Class B Common Stock [Member]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	16,662,743	16,662,743
Common stock, shares outstanding	16,662,743	16,662,743

Condensed Consolidated Statemen

Condensed Consolidated Statements of Net Loss - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net revenue	$ 60,435,657	$ 63,461,723	$ 114,816,003	$ 121,240,843
Operating expenses:
Operating expenses	49,347,793	51,327,562	98,588,791	101,981,217
Corporate expenses	3,879,771	4,405,031	8,287,603	8,888,126
Depreciation and amortization	1,832,894	2,195,985	3,667,496	4,425,310
Impairment loss		10,041,000		10,041,000
Total operating expenses	55,060,458	67,969,578	110,543,890	125,335,653
Operating income (loss)	5,375,199	(4,507,855)	4,272,113	(4,094,810)
Non-operating income (expense):
Interest expense	(6,092,829)	(6,724,469)	(11,680,137)	(13,318,321)
Gain on sale of investment			6,026,776
Other income, net	357,260	36,735	627,265	577,250
Loss before income taxes	(360,370)	(11,195,589)	(753,983)	(16,835,881)
Income tax benefit	(75,986)	(821,836)	(486,216)	(2,985,819)
Loss before equity in earnings of unconsolidated affiliates	(284,384)	(10,373,753)	(267,767)	(13,850,062)
Equity in earnings of unconsolidated affiliates, net of tax	8,363	(56,876)	(284)	(117,133)
Net loss	$ (276,021)	$ (10,430,629)	$ (268,051)	$ (13,967,195)
Net loss per Class A and Class B common share:
Basic	$ (0.01)	$ (0.35)	$ (0.01)	$ (0.47)
Diluted	$ (0.01)	$ (0.35)	$ (0.01)	$ (0.47)
Weighted average shares outstanding:
Basic	30,354,222	29,853,144	30,340,012	29,819,638
Diluted	30,354,222	29,853,144	30,340,012	29,819,638

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Net Loss (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stock-based compensation			$ 415,052	$ 355,607
Station Operating Expenses [Member]
Stock-based compensation	$ 13,679	$ 39,416	35,917	72,220
Corporate General and Administrative Expenses [Member]
Stock-based compensation	$ 248,012	$ 141,923	$ 379,135	$ 283,387

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net Income (Loss)	$ (268,051)	$ (13,967,195)
Adjustments to reconcile net loss to net cash provided by operating activities:
Stock-based compensation	415,052	355,607
Provision for credit losses	291,000	525,814
Depreciation and amortization	3,667,496	4,425,310
Impairment loss		10,041,000
Amortization of loan fees	671,278	734,253
Gain on sale of investment	(6,026,776)
Gain on repurchases of long-term debt		(973,208)
Deferred income taxes	(1,671,970)	(3,144,387)
Equity in earnings of unconsolidated affiliates	284	117,133
Change in operating assets and liabilities:
Accounts receivable	5,957,880	858,277
Prepaid expenses	(1,480,053)	(3,591,131)
Other assets	(351,853)	947,918
Accounts payable	(561,485)	726,744
Other liabilities	1,656,819	2,840,148
Other operating activities	256,205	127,428
Net cash provided by operating activities	2,555,826	23,711
Cash flows from investing activities:
Capital expenditures	(1,984,851)	(2,016,185)
Proceeds from sale of investment	6,026,776
Net cash provided by (used in) investing activities	4,041,925	(2,016,185)
Cash flows from financing activities:
Payments on debt		(1,983,750)
Purchase of treasury stock	(37,485)	(67,767)
Net cash used in financing activities	(37,485)	(2,051,517)
Net increase (decrease) in cash and cash equivalents	6,560,266	(4,043,991)
Cash and cash equivalents at beginning of period	26,733,921	39,534,653
Cash and cash equivalents at end of period	33,294,187	35,490,662
Cash paid for interest	11,514,380	12,569,776
Cash paid for income taxes	$ 351,975	$ 1,246,263

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (276,021)	$ (10,430,629)	$ (268,051)	$ (13,967,195)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Interim Financial Statements

Interim Financial Statements	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interim Financial Statements	(1) Interim Financial Statements The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of Beasley Broadcast Group, Inc. and its subsidiaries (the “Company”) included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. These financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the financial statements reflect all adjustments necessary for a fair statement of the financial position and results of operations for the interim periods presented, and all such adjustments are of a normal and recurring nature. The Company’s results are subject to seasonal fluctuations; therefore the results shown on an interim basis are not necessarily indicative of results for the full year.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Recent Accounting Pronouncements	(2) Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued guidance which requires additional disclosures primarily related to the Company's income tax rate reconciliation and income taxes paid. The guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied prospectively. The Company is currently in the process of reviewing the new guidance. In November 2023, the FASB issued guidance which requires additional disclosures for the Company's reportable segments, primarily related to significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within the fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently in the process of reviewing the new guidance.

Proceeds from BMI Sale

Proceeds from BMI Sale	6 Months Ended
	Jun. 30, 2024
Investments, All Other Investments [Abstract]
Proceeds from BMI Sale	(3) Proceeds from BMI Sale On March 8, 2024, the Company received $ 6.0 million related to the sale of an investment in Broadcast Music, Inc. ("BMI") and recorded a gain of $ 6.0 million. The gain on sale of investment is reported in the accompanying condensed consolidated statement of net loss for the six months ended June 30, 2024. After the sale, the Company no longer holds an investment in BMI.

FCC Licenses

FCC Licenses	6 Months Ended
	Jun. 30, 2024
FCC Licenses [Abstract]
FCC Licenses	(4) FCC Licenses During the second quarter of 2023, due to the potential sale of substantially all of the assets used in the operations of WJBR-FM in Wilmington, DE, the Company recorded an impairment loss of $ 10.0 million related to the Federal Communications Commission ("FCC") license. The Company completed the sale of WJBR-FM on October 5, 2023.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	(5) Long-Term Debt Long-term debt is comprised of the following: December 31, June 30, 2023 2024 Secured notes $ 267,000,000 $ 267,000,000 Less unamortized debt issuance costs ( 2,796,990 ) ( 2,125,712 ) $ 264,203,010 $ 264,874,288 On February 2, 2021, the Company issued $ 300.0 million aggregate principal amount of 8.625 % senior secured notes due on February 1, 2026 (the “Notes”) under an indenture dated February 2, 2021 (the “Indenture”). Interest on the Notes accrues at the rate of 8.625 % per annum and is payable semiannually in arrears on February 1 and August 1 of each year. The Notes are secured on a first-lien priority basis by substantially all assets of the Company and its majority-owned subsidiaries and are guaranteed jointly and severally by the Company and its majority-owned subsidiaries. The Indenture contains restrictive covenants that limit the ability of the Company and its subsidiaries to, among other things, incur additional indebtedness, guarantee indebtedness or issue disqualified stock or, in the case of such subsidiaries, preferred stock; pay dividends on, repurchase or make distributions in respect of our capital stock or make other restricted payments; make certain investments or acquisitions; sell, transfer or otherwise convey certain assets; create liens; enter into agreements restricting certain subsidiaries’ ability to pay dividends or make other intercompany transfers; consolidate, merge, sell or otherwise dispose of all or substantially all of its assets; enter into transactions with affiliates; prepay certain kinds of indebtedness; and issue or sell stock of its subsidiaries. Prior to February 1, 2025, the Company will be subject to certain premiums, as defined in the Indenture, for optional or mandatory (upon certain contingent events) redemption of some or all of the Notes. In the second quarter of 2023, the Company repurchased $ 3.0 million principal amount of the Notes for a price equal to 66 % of the principal amount and recorded a gain of $ 1.0 million as a result of the repurchase.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Stockholders' Equity	(6) Stockholders’ Equity The changes in stockholders’ equity are as follows: Three months ended June 30, Six months ended June 30, 2023 2024 2023 2024 Beginning balance $ 220,100,965 $ 149,127,330 $ 223,488,808 $ 148,978,635 Stock-based compensation 181,339 261,691 355,607 415,052 Purchase of treasury stock ( 42,222 ) ( 24,849 ) ( 67,767 ) ( 37,485 ) Net loss ( 10,430,629 ) ( 276,021 ) ( 13,967,195 ) ( 268,051 ) Ending balance $ 209,809,453 $ 149,088,151 $ 209,809,453 $ 149,088,151

Net Revenue

Net Revenue	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Net Revenue	(7) Net Revenue Net revenue is comprised of the following: Three months ended June 30, Six months ended June 30, 2023 2024 2023 2024 Audio $ 50,448,093 $ 47,430,080 $ 97,866,059 $ 90,858,207 Digital 12,301,269 13,005,577 22,278,054 23,957,796 Other 712,361 - 1,096,730 - $ 63,461,723 $ 60,435,657 $ 121,240,843 $ 114,816,003 The Company recognizes revenue when it satisfies a performance obligation under a contract with an advertiser. The transaction price is allocated to performance obligations based on executed contracts, which represent relative standalone selling prices. Payment is generally due within 30 days, although certain advertisers are required to pay in advance. Revenues are reported at the amount the Company expects to be entitled to receive under the contract. The Company has elected to use the practical expedient to expense sales commissions as incurred. Payments received from advertisers before the performance obligation is satisfied are recorded as deferred revenue in the balance sheets. Substantially all deferred revenue is recognized within 12 months of the payment date. December 31, June 30, 2023 2024 Deferred revenue $ 4,835,984 $ 4,832,273 Audio revenue includes revenue from the sale or trade of aired commercial spots to advertisers directly or through national, regional or local advertising agencies. Each commercial spot is considered a performance obligation. Revenue is recognized when the commercial spots have aired. Trade sales are recorded at the estimated fair value of the goods or services received. If commercial spots are aired before the goods or services are received, then a trade sales receivable is recorded. If goods or services are received before the commercial spots are aired, then a trade sales payable is recorded. Other revenue includes revenue from concerts, promotional events, talent fees and other miscellaneous items. Such revenue is generally recognized when the concert, promotional event, or talent services are completed. December 31, June 30, 2023 2024 Trade sales receivable $ 1,417,692 $ 1,211,495 Trade sales payable 481,471 512,935 Three months ended June 30, Six months ended June 30, 2023 2024 2023 2024 Trade sales revenue $ 1,466,652 $ 1,211,615 $ 2,847,494 $ 2,476,078 Digital revenue includes revenue from the sale of streamed commercial spots, station-owned assets and third-party products. Each streamed commercial spot, station-owned asset and third-party product is considered a performance obligation. Revenue is recognized when the commercial spots have streamed. Station-owned assets are generally scheduled over a period of time and revenue is recognized over time as the digital items are used for advertising content, except for streamed commercial spots. Third-party products are generally scheduled over a period of time with an impression target each month. Revenue from the sale of third-party products is recognized over time as the digital items are used for advertising content and impression targets are met each month. The Company assesses each digital sales order to determine if the Company is operating as the principal or an agent. The Company currently operates as the principal for digital revenue.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	(8) Stock-Based Compensation The Beasley Broadcast Group, Inc. 2007 Equity Incentive Award Plan (the “2007 Plan”) permits the Company to issue up to 7.5 million shares of Class A common stock. The 2007 Plan allows for eligible employees, directors and certain consultants of the Company to receive restricted stock units, shares of restricted stock, stock options or other stock-based awards. The restricted stock units that have been granted under the 2007 Plan generally vest over one to five years of service. A summary of restricted stock unit activity is presented below: Units Weighted-Average Grant-Date Fair Value Unvested as of April 1, 2024 726,084 $ 1.50 Granted 390,661 0.66 Vested ( 153,000 ) 1.82 Forfeited ( 15,000 ) 0.95 Unvested as of June 30, 2024 948,745 $ 1.07 As of June 30, 2024 , there was $ 0.6 million of total unrecognized compensation cost for restricted stock units granted under the 2007 Plan. That cost is expected to be recognized over a weighted-average period of 1.8 years.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	(9) Income Taxes The Company’s effective tax rate was ( 7 )% and ( 21 )% for the three months ended June 30, 2023 and 2024 , respectively, and ( 18 )% and ( 64 )% for the six months ended June 30, 2023 and 2024 , respectively. These rates differ from the federal statutory rate of 21 % due to the effect of state income taxes and certain expenses that are not deductible for tax purposes.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	(10) Earnings Per Share Earnings per share calculation information is as follows: Three months ended June 30, Six months ended June 30, 2023 2024 2023 2024 Net loss attributable to BBGI stockholders $ ( 10,430,629 ) $ ( 276,021 ) $ ( 13,967,195 ) $ ( 268,051 ) Weighted-average shares outstanding: Basic 29,853,144 30,354,222 29,819,638 30,340,012 Effect of dilutive restricted stock units - - - - Diluted 29,853,144 30,354,222 29,819,638 30,340,012 Net loss attributable to BBGI stockholders per Class A and Class B $ ( 0.35 ) $ ( 0.01 ) $ ( 0.47 ) $ ( 0.01 ) The Company excluded the effect of restrictive stock units and restricted stock under the treasury stock method when reporting a net loss as the addition of shares was anti-dilutive. As a result, the C ompany excluded 58,490 shares and 240,282 shares for the three months ended June 30, 2023 and 2024 , respectively, and 57,775 shares and 282,042 shares for the six months ended June 30, 2023 and 2024 , respectively.

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2024
Investments, All Other Investments [Abstract]
Financial Instruments	(11) Financial Instruments The carrying amount of the Company’s financial instruments, including cash and cash equivalents, accounts receivable and accounts payable, approximates fair value due to the short-term nature of these financial instruments. The estimated fair value of the Notes, based on available market information, was $ 173.2 million and $ 163.9 million as of December 31, 2023 and June 30, 2024 , respectively. The Company used Level 2 measurements under the fair value measurement hierarchy to determine the estimated fair value of the Notes.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Information	(12) Segment Information The Company currently operates two operating and reportable segments (Audio and Digital). The Company also operated an Reportable segment information for the three months ended June 30, 2024 is as follows: Audio Digital Corporate Total Net revenue $ 47,430,080 $ 13,005,577 $ - $ 60,435,657 Operating expenses 39,468,898 9,878,895 - 49,347,793 Corporate expenses - - 3,879,771 3,879,771 Depreciation and amortization 1,594,673 52,440 185,781 1,832,894 Operating income (loss) $ 6,366,509 $ 3,074,242 $ ( 4,065,552 ) $ 5,375,199 Audio Digital Corporate Total Capital expenditures $ 841,355 $ 8,925 $ 186,847 $ 1,037,127 Reportable segment information for the three months ended June 30, 2023 is as follows: Audio Digital Other Corporate Total Net revenue $ 50,448,093 $ 12,301,269 $ 712,361 $ - $ 63,461,723 Operating expenses 39,369,033 10,786,584 1,171,945 - 51,327,562 Corporate expenses - - - 4,405,031 4,405,031 Depreciation and amortization 1,737,441 47,201 199,290 212,053 2,195,985 Impairment losses 10,041,000 - - - 10,041,000 Operating income (loss) $ ( 699,381 ) $ 1,467,484 $ ( 658,874 ) $ ( 4,617,084 ) $ ( 4,507,855 ) Audio Digital Other Corporate Total Capital expenditures $ 811,663 $ 8,777 $ 5,412 $ 21,053 $ 846,905 Reportable segment information for the six months ended June 30, 2024 is as follows: Audio Digital Corporate Total Net revenue $ 90,858,207 $ 23,957,796 $ - $ 114,816,003 Operating expenses 77,901,810 20,686,981 - 98,588,791 Corporate expenses - - 8,287,603 8,287,603 Depreciation and amortization 3,190,926 104,879 371,691 3,667,496 Operating income (loss) $ 9,765,471 $ 3,165,936 $ ( 8,659,294 ) $ 4,272,113 Audio Digital Corporate Total Capital expenditures $ 1,663,090 $ 8,925 $ 312,836 $ 1,984,851 Reportable segment information for the six months ended June 30, 2023 is as follows: Audio Digital Other Corporate Total Net revenue $ 97,866,059 $ 22,278,054 $ 1,096,730 $ - $ 121,240,843 Operating expenses 79,268,627 20,694,181 2,018,409 - 101,981,217 Corporate expenses - - - 8,888,126 8,888,126 Depreciation and amortization 3,512,205 93,967 395,767 423,371 4,425,310 Impairment loss 10,041,000 - - - 10,041,000 Operating income (loss) $ 5,044,227 $ 1,489,906 $ ( 1,317,446 ) $ ( 9,311,497 ) $ ( 4,094,810 ) Audio Digital Other Corporate Total Capital expenditures $ 1,949,777 $ 11,590 $ 25,534 $ 29,284 $ 2,016,185 Reportable segment information as of June 30, 2024 is as follows: Audio Digital Corporate Total Property and equipment, net $ 46,844,784 $ 152,088 $ 2,922,197 $ 49,919,069 FCC licenses 393,006,900 - - 393,006,900 Goodwill - 922,000 - 922,000 Other intangibles, net 1,641,363 755,878 179,663 2,576,904 Reportable segment information as of December 31, 2023 is as follows: Audio Digital Other Corporate Total Property and equipment, net $ 48,324,618 $ 95,003 $ 74,081 $ 2,981,052 $ 51,474,754 FCC licenses 393,006,900 - - - 393,006,900 Goodwill - 922,000 - - 922,000 Other intangibles, net 1,707,909 834,836 - 179,663 2,722,408

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Summary of Long-Term Debt	Long-term debt is comprised of the following: December 31, June 30, 2023 2024 Secured notes $ 267,000,000 $ 267,000,000 Less unamortized debt issuance costs ( 2,796,990 ) ( 2,125,712 ) $ 264,203,010 $ 264,874,288

Stockholders Equity (Tables)

Stockholders Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Changes in Stockholders Equity	The changes in stockholders’ equity are as follows: Three months ended June 30, Six months ended June 30, 2023 2024 2023 2024 Beginning balance $ 220,100,965 $ 149,127,330 $ 223,488,808 $ 148,978,635 Stock-based compensation 181,339 261,691 355,607 415,052 Purchase of treasury stock ( 42,222 ) ( 24,849 ) ( 67,767 ) ( 37,485 ) Net loss ( 10,430,629 ) ( 276,021 ) ( 13,967,195 ) ( 268,051 ) Ending balance $ 209,809,453 $ 149,088,151 $ 209,809,453 $ 149,088,151

Net Revenue (Tables)

Net Revenue (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Composition of Revenue	Net revenue is comprised of the following: Three months ended June 30, Six months ended June 30, 2023 2024 2023 2024 Audio $ 50,448,093 $ 47,430,080 $ 97,866,059 $ 90,858,207 Digital 12,301,269 13,005,577 22,278,054 23,957,796 Other 712,361 - 1,096,730 - $ 63,461,723 $ 60,435,657 $ 121,240,843 $ 114,816,003
Deferred Revenue	December 31, June 30, 2023 2024 Deferred revenue $ 4,835,984 $ 4,832,273
Trade Sale Revenue	December 31, June 30, 2023 2024 Trade sales receivable $ 1,417,692 $ 1,211,495 Trade sales payable 481,471 512,935 Three months ended June 30, Six months ended June 30, 2023 2024 2023 2024 Trade sales revenue $ 1,466,652 $ 1,211,615 $ 2,847,494 $ 2,476,078

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Restricted Stock Units	A summary of restricted stock unit activity is presented below: Units Weighted-Average Grant-Date Fair Value Unvested as of April 1, 2024 726,084 $ 1.50 Granted 390,661 0.66 Vested ( 153,000 ) 1.82 Forfeited ( 15,000 ) 0.95 Unvested as of June 30, 2024 948,745 $ 1.07

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	Earnings per share calculation information is as follows: Three months ended June 30, Six months ended June 30, 2023 2024 2023 2024 Net loss attributable to BBGI stockholders $ ( 10,430,629 ) $ ( 276,021 ) $ ( 13,967,195 ) $ ( 268,051 ) Weighted-average shares outstanding: Basic 29,853,144 30,354,222 29,819,638 30,340,012 Effect of dilutive restricted stock units - - - - Diluted 29,853,144 30,354,222 29,819,638 30,340,012 Net loss attributable to BBGI stockholders per Class A and Class B $ ( 0.35 ) $ ( 0.01 ) $ ( 0.47 ) $ ( 0.01 )

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Summary of reportable segment information	Reportable segment information for the three months ended June 30, 2024 is as follows: Audio Digital Corporate Total Net revenue $ 47,430,080 $ 13,005,577 $ - $ 60,435,657 Operating expenses 39,468,898 9,878,895 - 49,347,793 Corporate expenses - - 3,879,771 3,879,771 Depreciation and amortization 1,594,673 52,440 185,781 1,832,894 Operating income (loss) $ 6,366,509 $ 3,074,242 $ ( 4,065,552 ) $ 5,375,199 Audio Digital Corporate Total Capital expenditures $ 841,355 $ 8,925 $ 186,847 $ 1,037,127 Reportable segment information for the three months ended June 30, 2023 is as follows: Audio Digital Other Corporate Total Net revenue $ 50,448,093 $ 12,301,269 $ 712,361 $ - $ 63,461,723 Operating expenses 39,369,033 10,786,584 1,171,945 - 51,327,562 Corporate expenses - - - 4,405,031 4,405,031 Depreciation and amortization 1,737,441 47,201 199,290 212,053 2,195,985 Impairment losses 10,041,000 - - - 10,041,000 Operating income (loss) $ ( 699,381 ) $ 1,467,484 $ ( 658,874 ) $ ( 4,617,084 ) $ ( 4,507,855 ) Audio Digital Other Corporate Total Capital expenditures $ 811,663 $ 8,777 $ 5,412 $ 21,053 $ 846,905 Reportable segment information for the six months ended June 30, 2024 is as follows: Audio Digital Corporate Total Net revenue $ 90,858,207 $ 23,957,796 $ - $ 114,816,003 Operating expenses 77,901,810 20,686,981 - 98,588,791 Corporate expenses - - 8,287,603 8,287,603 Depreciation and amortization 3,190,926 104,879 371,691 3,667,496 Operating income (loss) $ 9,765,471 $ 3,165,936 $ ( 8,659,294 ) $ 4,272,113 Audio Digital Corporate Total Capital expenditures $ 1,663,090 $ 8,925 $ 312,836 $ 1,984,851 Reportable segment information for the six months ended June 30, 2023 is as follows: Audio Digital Other Corporate Total Net revenue $ 97,866,059 $ 22,278,054 $ 1,096,730 $ - $ 121,240,843 Operating expenses 79,268,627 20,694,181 2,018,409 - 101,981,217 Corporate expenses - - - 8,888,126 8,888,126 Depreciation and amortization 3,512,205 93,967 395,767 423,371 4,425,310 Impairment loss 10,041,000 - - - 10,041,000 Operating income (loss) $ 5,044,227 $ 1,489,906 $ ( 1,317,446 ) $ ( 9,311,497 ) $ ( 4,094,810 ) Audio Digital Other Corporate Total Capital expenditures $ 1,949,777 $ 11,590 $ 25,534 $ 29,284 $ 2,016,185 Reportable segment information as of June 30, 2024 is as follows: Audio Digital Corporate Total Property and equipment, net $ 46,844,784 $ 152,088 $ 2,922,197 $ 49,919,069 FCC licenses 393,006,900 - - 393,006,900 Goodwill - 922,000 - 922,000 Other intangibles, net 1,641,363 755,878 179,663 2,576,904 Reportable segment information as of December 31, 2023 is as follows: Audio Digital Other Corporate Total Property and equipment, net $ 48,324,618 $ 95,003 $ 74,081 $ 2,981,052 $ 51,474,754 FCC licenses 393,006,900 - - - 393,006,900 Goodwill - 922,000 - - 922,000 Other intangibles, net 1,707,909 834,836 - 179,663 2,722,408

Proceeds from BMI Sale - Additi

Proceeds from BMI Sale - Additional Information (Details) - USD ($)		6 Months Ended
	Mar. 08, 2024	Jun. 30, 2024
Net Investment Income [Line Items]
Gain on sale of investment		$ 6,026,776
Broadcast Music, Inc. [Member]
Net Investment Income [Line Items]
Proceeds from sale of investments	$ 6,000,000
Gain on sale of investment	$ 6,000,000

Summary of Significant Accounti

Summary of Significant Accounting Policies - Summary of Credit Losses on Accounts Receivable (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Allowance for Credit Loss [Abstract]
Provision for credit losses	$ 291,000	$ 525,814

Acquisition and Dispositions -

Acquisition and Dispositions - Schedule of Purchase Price Allocation (Detail) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 922,000	$ 922,000

FCC Licenses - Additional Infor

FCC Licenses - Additional Information (Detail) $ in Millions	3 Months Ended
	Jun. 30, 2023 USD ($)
WJBR-FM in Wilmington DE [Member] | Licensing Agreements [Member]
FCC Licenses [Line Items]
Impairment of intangible assets indefinite lived excluding goodwill	$ 10

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Less unamortized debt issuance costs	$ (2,125,712)	$ (2,796,990)
Long-term debt	264,874,288	264,203,010
Secured Notes [Member]
Line of Credit Facility [Line Items]
Secured notes	$ 267,000,000	$ 267,000,000

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Feb. 02, 2021
Long-Term Debt [Line Items]
Gain on repurchase of debt		$ 973,208
Promissory Note [Member]
Long-Term Debt [Line Items]
Debt instrument, repurchased amount	$ 3,000,000
Debt instrument, redeemed percentage	66%
Gain on repurchase of debt	$ 1,000,000
8.625% senior secured notes due on February 1, 2026
Long-Term Debt [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			8.625%
Debt instrument face value			$ 300,000,000

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Changes in Stockholders Equity (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Beginning balance	$ 149,127,330	$ 220,100,965	$ 148,978,635	$ 223,488,808
Stock-based compensation	261,691	181,339	415,052	355,607
Purchase of treasury stock	(24,849)	(42,222)	(37,485)	(67,767)
Net Income (Loss)	(276,021)	(10,430,629)	(268,051)	(13,967,195)
Ending balance	$ 149,088,151	$ 209,809,453	$ 149,088,151	$ 209,809,453

Net Revenue - Composition of Re

Net Revenue - Composition of Revenue (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Net revenue	$ 60,435,657	$ 63,461,723	$ 114,816,003	$ 121,240,843
Audio [Member]
Disaggregation of Revenue [Line Items]
Net revenue	47,430,080	50,448,093	90,858,207	97,866,059
Digital [Member]
Disaggregation of Revenue [Line Items]
Net revenue	$ 13,005,577	12,301,269	$ 23,957,796	22,278,054
Other [Member]
Disaggregation of Revenue [Line Items]
Net revenue		$ 712,361		$ 1,096,730

Net Revenue - Deferred Revenue

Net Revenue - Deferred Revenue (Detail) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 4,832,273	$ 4,835,984

Net Revenue - Trade Sale Revenu

Net Revenue - Trade Sale Revenue (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Trade sales receivable	$ 1,211,495		$ 1,211,495		$ 1,417,692
Trade sales payable	512,935		512,935		$ 481,471
Trade sales revenue	$ 1,211,615	$ 1,466,652	$ 2,476,078	$ 2,847,494

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - 2007 Plan [Member] $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost for restricted stock granted | $	$ 0.6
Cost expected to be recognized over a weighted-average period	1 year 9 months 18 days
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units and restricted stock awards, vest, period	1 year
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units and restricted stock awards, vest, period	5 years
Class A Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized | shares	7,500,000

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units (Detail) - 2007 Plan [Member] - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested Shares, Beginning Balance | shares	726,084
Granted, Shares | shares	390,661
Vested, Shares | shares	(153,000)
Forfeited, Shares | shares	(15,000)
Unvested Shares, Ending Balance | shares	948,745
Unvested, Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares	$ 1.5
Granted, Weighted-Average Grant-Date Fair Value | $ / shares	0.66
Vested, Weighted-Average Grant-Date Fair Value | $ / shares	1.82
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares	0.95
Unvested, Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares	$ 1.07

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Federal statutory rate			21%
Effective tax rate	(21.00%)	(7.00%)	(64.00%)	(18.00%)

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net loss attributable to BBGI stockholders	$ (276,021)	$ (10,430,629)	$ (268,051)	$ (13,967,195)
Weighted-average shares outstanding:
Basic	30,354,222	29,853,144	30,340,012	29,819,638
Effect of dilutive restricted stock units	0	0	0	0
Diluted	30,354,222	29,853,144	30,340,012	29,819,638
Net loss attributable to BBGI stockholders per Class A and Class B common share - basic	$ (0.01)	$ (0.35)	$ (0.01)	$ (0.47)
Net loss attributable to BBGI stockholders per Class A and Class B common share - diluted	$ (0.01)	$ (0.35)	$ (0.01)	$ (0.47)

Earnings Per Share - Additional

Earnings Per Share - Additional information (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of earnings per share	240,282	58,490	282,042	57,775

Financial Instruments - Additio

Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Inputs, Level 2 [Member]
Fair Value Of Financial Instruments [Line Items]
Long-term debt	$ 163.9	$ 173.2

Segment Information - Summary o

Segment Information - Summary of Reportable Segment Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net revenue	$ 60,435,657	$ 63,461,723	$ 114,816,003	$ 121,240,843
Operating expenses	49,347,793	51,327,562	98,588,791	101,981,217
Corporate expenses	3,879,771	4,405,031	8,287,603	8,888,126
Depreciation and amortization	1,832,894	2,195,985	3,667,496	4,425,310
Impairment losses		10,041,000		10,041,000
Operating income (loss)	5,375,199	(4,507,855)	4,272,113	(4,094,810)
Capital expenditures	1,037,127	846,905	1,984,851	2,016,185
Property and equipment, net	49,919,069		49,919,069		$ 51,474,754
FCC licenses	393,006,900		393,006,900		393,006,900
Goodwill	922,000		922,000		922,000
Other intangibles, net	2,576,904		2,576,904		2,722,408
Audio [Member]
Segment Reporting Information [Line Items]
Net revenue	47,430,080	50,448,093	90,858,207	97,866,059
Operating expenses	39,468,898	39,369,033	77,901,810	79,268,627
Depreciation and amortization	1,594,673	1,737,441	3,190,926	3,512,205
Impairment losses		10,041,000		10,041,000
Operating income (loss)	6,366,509	(699,381)	9,765,471	5,044,227
Capital expenditures	841,355	811,663	1,663,090	1,949,777
Property and equipment, net	46,844,784		46,844,784		48,324,618
FCC licenses	393,006,900		393,006,900		393,006,900
Goodwill					0
Other intangibles, net	1,641,363		1,641,363		1,707,909
Digital [Member]
Segment Reporting Information [Line Items]
Net revenue	13,005,577	12,301,269	23,957,796	22,278,054
Operating expenses	9,878,895	10,786,584	20,686,981	20,694,181
Depreciation and amortization	52,440	47,201	104,879	93,967
Operating income (loss)	3,074,242	1,467,484	3,165,936	1,489,906
Capital expenditures	8,925	8,777	8,925	11,590
Property and equipment, net	152,088		152,088		95,003
Goodwill	922,000		922,000		922,000
Other intangibles, net	755,878		755,878		834,836
Other [Member]
Segment Reporting Information [Line Items]
Net revenue		712,361		1,096,730
Operating expenses		1,171,945		2,018,409
Depreciation and amortization		199,290		395,767
Operating income (loss)		(658,874)		(1,317,446)
Capital expenditures		5,412		25,534
Property and equipment, net					74,081
Goodwill					0
Other intangibles, net					0
Corporate [Member]
Segment Reporting Information [Line Items]
Corporate expenses	3,879,771	4,405,031	8,287,603	8,888,126
Depreciation and amortization	185,781	212,053	371,691	423,371
Operating income (loss)	(4,065,552)	(4,617,084)	(8,659,294)	(9,311,497)
Capital expenditures	186,847	$ 21,053	312,836	$ 29,284
Property and equipment, net	2,922,197		2,922,197		2,981,052
Other intangibles, net	$ 179,663		$ 179,663		$ 179,663