Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 02, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | BBGI | |
Entity Registrant Name | BEASLEY BROADCAST GROUP INC | |
Entity Central Index Key | 1,099,160 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Class A Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 12,112,142 | |
Class B Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 16,662,743 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 16,650,884 | $ 14,318,494 |
Accounts receivable, less allowance for doubtful accounts of $596,380 in 2015 and $641,449 in 2016 | 19,175,400 | 19,847,536 |
Prepaid expenses | 2,004,835 | 1,896,491 |
Other current assets | 1,086,868 | 1,017,059 |
Total current assets | 38,917,987 | 37,079,580 |
Restricted cash | 743,195 | |
Property and equipment, net | 25,564,792 | 25,768,230 |
FCC broadcasting licenses | 232,553,105 | 232,553,105 |
Goodwill | 5,336,583 | 5,336,583 |
Other intangibles, net | 336,612 | 544,238 |
Assets held for sale | 3,882,317 | 3,921,523 |
Other assets | 6,372,075 | 5,455,441 |
Total assets | 312,963,471 | 311,401,895 |
Current liabilities: | ||
Current installments of long-term debt | 5,029,124 | 1,484,048 |
Accounts payable | 2,380,007 | 1,827,003 |
Other current liabilities | 9,777,313 | 7,588,106 |
Total current liabilities | 17,186,444 | 10,899,157 |
Due to related parties | 879,931 | 952,465 |
Long-term debt, net of current installments and unamortized debt issuance costs | 77,148,250 | 86,461,778 |
Deferred tax liabilities | 79,224,948 | 77,739,201 |
Other long-term liabilities | 1,685,116 | 1,812,219 |
Total liabilities | 176,124,689 | 177,864,820 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued | ||
Additional paid-in capital | 120,137,292 | 119,495,619 |
Treasury stock, Class A common stock; 2,882,179 in 2015; 2,932,137 shares in 2016 | (15,523,869) | (15,361,869) |
Retained earnings | 32,178,362 | 29,302,054 |
Accumulated other comprehensive income | 20,714 | 75,159 |
Total stockholders' equity | 136,838,782 | 133,537,075 |
Total liabilities and stockholders' equity | 312,963,471 | 311,401,895 |
Class A Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock | 9,621 | 9,450 |
Class B Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock | $ 16,662 | $ 16,662 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Allowance for doubtful accounts | $ 641,449 | $ 596,380 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Treasury stock, Class A common stock shares | 2,932,137 | 2,882,179 |
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 | 9,621,286 | 9,449,956 |
Common stock, shares outstanding | 6,689,149 | 6,567,777 |
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 Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | ||||
Net revenue | $ 27,729,026 | $ 26,264,321 | $ 82,961,354 | $ 77,539,498 |
Operating expenses: | ||||
Station operating expenses (including stock-based compensation of $41,791 and $36,412 in three months ended September 30, 2015 and 2016 and $125,373 and $109,236 in nine months ended September 30, 2015 and 2016 and excluding depreciation and amortization shown separately below) | 19,519,464 | 19,651,996 | 59,235,576 | 56,207,610 |
Corporate general and administrative expenses (including stock-based compensation of $230,207 and $164,752 in three months ended September 30, 2015 and 2016 and $ 230,207 and $ 532,608 in nine months ended September 30, 2015 and 2016) | 2,394,970 | 2,307,208 | 7,339,588 | 7,049,243 |
Merger and exchange expenses | 1,200,573 | 1,200,573 | 349,917 | |
Depreciation and amortization | 816,394 | 863,867 | 2,486,381 | 2,822,594 |
Impairment loss | 3,520,933 | 3,520,933 | ||
Total operating expenses | 23,931,401 | 26,344,004 | 70,262,118 | 69,950,297 |
Operating income (loss) | 3,797,625 | (79,683) | 12,699,236 | 7,589,201 |
Non-operating income (expense): | ||||
Interest expense | (855,378) | (1,064,069) | (2,742,462) | (2,953,078) |
Other income (expense), net | 316,126 | 1,880 | 545,537 | 492,379 |
Income (loss) before income taxes | 3,258,373 | (1,141,872) | 10,502,311 | 5,128,502 |
Income tax expense (benefit) | 1,564,005 | (403,933) | 4,517,712 | 2,036,015 |
Net income (loss) | 1,694,368 | (737,939) | 5,984,599 | 3,092,487 |
Other comprehensive income (loss): | ||||
Unrealized gain (loss) on securities (net of income tax expense (benefit) of ($3,779) and ($3,038) in three months ended September 30, 2015 and 2016 and $37,434 and ($33,356) in nine months ended September 30, 2015 and 2016) | (4,958) | (6,116) | (54,445) | 60,588 |
Comprehensive income (loss) | $ 1,689,410 | $ (744,055) | $ 5,930,154 | $ 3,153,075 |
Net income (loss) per share: | ||||
Basic and diluted | $ 0.07 | $ (0.03) | ||
Basic | $ 0.26 | $ 0.14 | ||
Diluted | 0.26 | 0.13 | ||
Dividends declared per common share | $ 0.045 | $ 0.045 | $ 0.135 | $ 0.135 |
Weighted average shares outstanding: | ||||
Basic | 23,025,764 | 22,921,200 | 23,010,933 | 22,907,054 |
Diluted | 23,176,632 | 22,999,488 | 23,142,178 | 22,995,350 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Stock-based compensation | $ 641,844 | $ 913,878 | ||
Unrealized gain (loss) on securities, income tax expense (benefit) | $ (3,038) | $ (3,779) | (33,356) | 37,434 |
Station Operating Expenses [Member] | ||||
Stock-based compensation | 36,412 | 41,791 | 109,236 | 125,373 |
Corporate General and Administrative Expenses [Member] | ||||
Stock-based compensation | $ 164,752 | $ 230,207 | $ 532,608 | $ 230,207 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 5,984,599 | $ 3,092,487 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock-based compensation | 641,844 | 913,878 |
Provision for bad debts | 653,934 | 462,392 |
Depreciation and amortization | 2,486,381 | 2,822,594 |
Impairment loss | 3,520,933 | |
Amortization of loan fees | 275,247 | 253,098 |
Deferred income taxes | 1,431,302 | 1,241,508 |
Change in operating assets and liabilities: | ||
Accounts receivable | 18,202 | (1,366,590) |
Prepaid expenses | (108,344) | (2,165,905) |
Other assets | (693,660) | 1,122,560 |
Accounts payable | 553,004 | 1,282,699 |
Other liabilities | 2,003,539 | (1,333,025) |
Other operating activities | (107,575) | 70,730 |
Net cash provided by operating activities | 13,138,473 | 9,917,359 |
Cash flows from investing activities: | ||
Change in restricted cash | 743,195 | |
Capital expenditures | (2,072,389) | (1,807,699) |
Payments for translator licenses | (391,175) | |
Payments for investments | (166,667) | (166,667) |
Repayment of notes receivable from related parties | 279,484 | |
Net cash used in investing activities | (1,495,861) | (2,086,057) |
Cash flows from financing activities: | ||
Principal payments on indebtedness | (6,043,699) | (7,500,000) |
Tax shortfall from vesting of restricted stock | (151,036) | |
Dividends paid | (3,104,523) | (3,090,168) |
Payments for treasury stock | (162,000) | (253,597) |
Net cash used in financing activities | (9,310,222) | (10,994,801) |
Net increase (decrease) in cash and cash equivalents | 2,332,390 | (3,163,499) |
Cash and cash equivalents at beginning of period | 14,318,494 | 14,259,441 |
Cash and cash equivalents at end of period | 16,650,884 | 11,095,942 |
Cash paid for interest | 2,485,147 | 2,699,980 |
Cash paid for income taxes | 2,555,650 | 5,166,327 |
Supplement disclosure of non-cash investing and financing activities: | ||
Property and equipment acquired through placement of advertising airtime | 43,262 | 112,330 |
Dividends declared but unpaid | $ 1,036,341 | $ 1,031,636 |
Interim Financial Statements
Interim Financial Statements | 9 Months Ended |
Sep. 30, 2016 | |
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, 2015. 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 | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | (2) Recent Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (“FASB”) issued guidance to reduce diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The new guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The Company is currently in the process of reviewing the new guidance, but its preliminary assessment, which is subject to change, does not result in a significant impact on its financial statements. In March 2016, the FASB issued guidance to improve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The new guidance is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. The Company continues to review the new guidance, but its preliminary assessment, which is subject to change, does not result in a significant impact on its financial statements. In February 2016, the FASB issued guidance to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. There continues to be a differentiation between finance leases and operating leases, however lease assets and lease liabilities arising from operating leases should now be recognized in the statement of financial position. New disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The new guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company continues to review the new guidance and is currently researching lease management software. The Company expects the new guidance to result in a significant impact on the balance sheet however that impact will not be quantified until closer to the adoption date. The Company does not expect the new guidance to have a significant impact on the statement of comprehensive income. In January 2016, the FASB issued guidance that changes how entities measure equity investments and present changes in the fair value of financial liabilities. The new guidance requires entities to measure equity investments that do not result in consolidation and are not accounted under the equity method at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicality exception. A practicality exception will apply to those equity investments that do not have a readily determinable fair value and do not qualify for the practical expedient to estimate fair value, and as such, these investments may be measured at cost. The new guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company continues to review the new guidance, but its preliminary assessment, which is subject to change, does not result in a significant impact on its financial statements. In May 2014, the FASB issued guidance to clarify the principles for recognizing revenue. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a comprehensive framework for revenue recognition that supersedes current general revenue guidance and most industry-specific guidance. In addition, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. In 2016, the FASB issued several updates to address implementation issues and to clarify guidance for principal versus agent considerations and identifying performance obligations and licensing. An entity should apply the guidance either retrospectively to each prior reporting period presented or retrospectively with the cumulative adjustment at the date of the initial application. In August 2015, the FASB delayed the effective date of the new guidance to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is now permitted after the original effective date of December 15, 2016. The Company continues to review the new guidance, but its preliminary assessment, which is subject to change, does not result in a significant impact on its financial statements. |
FCC Broadcasting Licenses
FCC Broadcasting Licenses | 9 Months Ended |
Sep. 30, 2016 | |
Text Block [Abstract] | |
FCC Broadcasting Licenses | (3) FCC Broadcasting Licenses On July 29, 2016, the Company entered into an agreement to acquire one FM translator license from Southern Nevada Educational Broadcasters for $0.7 million. This translator license will allow the Company to rebroadcast the programming of one of its radio stations in Las Vegas, NV on the FM band over an expanded area of coverage. On July 25, 2016, the Company entered into an agreement to acquire one FM translator license from Radio One of Boston, Inc. for $0.4 million. This translator license will allow the Company to rebroadcast the programming of its radio station in Boston, MA on the FM band over an expanded area of coverage. The acquisitions are subject to certain closing conditions, including FCC approval. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | (4) Long-Term Debt Long-term debt is comprised of the following: December 31, September 30, Term loan $ 89,000,000 $ 83,000,000 Capital lease obligations 750,216 706,517 89,750,216 83,706,517 Less unamortized debt issuance costs (1,804,390 ) (1,529,143 ) 87,945,826 82,177,374 Less current installments (1,484,048 ) (5,029,124 ) $ 86,461,778 $ 77,148,250 As of September 30, 2016, the existing credit facility consisted of a term loan with a remaining balance of $83.0 million and a revolving credit facility with a maximum commitment of $20.0 million (the “Existing Credit Facility”). As of September 30, 2016, the Company had $20.0 million in available commitments under its revolving credit facility. The Existing Credit Facility carried interest, based on LIBOR, at 3.5% as of September 30, 2016. As of December 31, 2015, the Existing Credit Facility consisted of a term loan with a remaining balance of $89.0 million and a revolving credit facility with a maximum commitment of $20.0 million. The Existing Credit Facility carried interest, based on adjusted LIBOR, at 3.9% as of December 31, 2015. Current installments of long-term debt are based on the amortization schedule for the new credit agreement (see Note 9). The credit agreement governing the Existing Credit Facility (the “Existing Credit Agreement”) requires mandatory prepayments equal to 50% of consolidated excess cash flow, as defined in the Existing Credit Agreement, when the Company’s consolidated total debt is equal to or greater than three times its consolidated operating cash flow, as defined in the Existing Credit Agreement. Prepayments of excess cash flow are not required when the Company’s consolidated total debt is less than three times its consolidated operating cash flow. Mandatory prepayments of consolidated excess cash flow are due 120 days after year end. The Existing Credit Agreement also requires mandatory prepayments for defined amounts from net proceeds of asset sales, net insurance proceeds, and net proceeds of debt issuances. The Existing Credit Agreement requires the Company to comply with certain financial covenants which are defined in the Existing Credit Agreement. These financial covenants include: • Consolidated Total Debt Ratio. • Interest Coverage Ratio. Failure to comply with financial covenants, scheduled interest payments, scheduled principal repayments, or any other terms of the Company’s Existing Credit Agreement could result in the acceleration of the maturity of the Company’s outstanding debt, which could have a material adverse effect on its business or results of operations. As of September 30, 2016, the Company was in compliance with all applicable financial covenants under the Existing Credit Agreement. The Company has two capital leases related to radio towers. The obligations recorded as of December 31, 2015 and September 30, 2016 represent the fair value of one tower and the present value of future lease payments under the lease agreement for the other tower. The aggregate scheduled principal repayments of the capital lease obligations for the remainder of 2016 and the next four years and thereafter are as follows: 2016 $ 14,566 2017 61,077 2018 64,020 2019 67,101 2020 70,326 Thereafter 429,427 Total $ 706,517 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | (5) Stock-Based Compensation The Beasley Broadcast Group, Inc. 2007 Equity Incentive Award Plan (the “2007 Plan”) permits the Company to issue up to 4.0 million shares of Class A common stock. The 2007 Plan allows for eligible employees, directors and certain consultants of the Company to receive shares of restricted stock, stock options or other stock-based awards. The restricted stock awards that have been granted under the 2007 Plan generally vest over one to five years of service. A summary of restricted stock activity under the 2007 Plan for the three months ended September 30, 2016 is as follows: Shares Weighted- Grant-Date Unvested as of July 1, 2016 292,593 $ 4.70 Granted 37,500 4.90 Vested (7,500 ) 8.49 Forfeited (500 ) 7.26 Unvested as of September 30, 2016 322,093 $ 4.64 As of September 30, 2016, there was $0.8 million of total unrecognized compensation cost related to restricted stock granted under the 2007 Plan. That cost is expected to be recognized over a weighted-average period of 1.7 years. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (6) Income Taxes The Company’s effective tax rate was approximately 48% and 43% for the three and nine months ended September 30, 2016, respectively and approximately 35% and 40% for the three and nine months ended September 30, 2015. These rates differ from the federal statutory rate of 35% due to the effect of state income taxes and certain expenses that are not deductible for tax purposes. The Company has included $1.2 million of expenses related to the Merger (as defined in Note 9, below) as not deductible in the calculation of the effective tax rate for the three and nine months ended September 30, 2016. However, after completion of certain post-closing procedures related to the Merger, all merger expenses will be evaluated to determine if any may be deductible in the fourth quarter of 2016. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (7) Related Party Transactions On May 3, 2016, the Company contributed an additional $166,667 to Digital PowerRadio, LLC which maintained its ownership interest at approximately 20% of the outstanding units. The Company may be called upon to make additional pro rata cash contributions to Digital PowerRadio, LLC in the future. Digital PowerRadio, LLC is managed by Fowler Radio Group, LLC which is partially-owned by Mark S. Fowler, an independent director of the Company. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | (8) Financial Instruments The carrying amount of the Company’s financial instruments including cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short term nature of these financial instruments. The carrying amount of long term debt, including capital lease obligations and current installments, as of September 30, 2016 was $83.7 million and approximated fair value based on current market interest rates. The carrying amount of long-term debt, including capital lease obligations and current installments, as of December 31, 2015 was $89.8 million and approximated fair value based on market rates at that time. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | (9) Subsequent Events Greater Media Merger On November 1, 2016 (the “Closing Date”), the Company completed the acquisition of Greater Media, Inc. (“Greater Media”), pursuant to that certain merger agreement, dated as of July 19, 2016 by and among the Company, Greater Media, Beasley Media Group 2, Inc., an indirect wholly-owned subsidiary of the Company (“Merger Sub”), and Peter A. Bordes, Jr., as the Sotckholders’ Representative (the “Merger Agreement”). On the Closing Date, Merger Sub was merged with and into Greater Media, with Greater Media surviving the merger as an indirect wholly-owned subsidiary of the Company (the “Merger”). As a result of the Merger, the Company will add 21 radio stations in the Boston, MA, Detroit, MI, Charlotte, NC, Middlesex, NJ, Monmouth, NJ, Morristown, NJ and Philadelphia, PA markets. However, in order to comply with the FCC’s rules, the Charlotte radio stations, WBT-AM, WBT-FM, and WLNK-FM are currently operating in a trust, pending completion of the sale to Entercom Communications Corp. (see “Radio Station Sales” below). The Merger substantially broadened and diversified the Company’s local radio broadcasting platform and revenue base with new stations that are geographically complementary to the Company’s ongoing operations. Pursuant to the terms of the Merger Agreement, at the effective time of the Merger, the Company acquired all of the issued and outstanding common stock of Greater Media for an aggregate purchase price of $239,875,000, subject to a purchase price adjustment related to the sale of Greater Media’s tower assets and other customary post-closing purchase price adjustments and inclusive of the repayment of approximately $82.0 million of Greater Media’s outstanding debt and the payment of certain transaction expenses. The proceeds paid to the stockholders of Greater Media consisted of (i) approximately $94.4 million in cash and (ii) $25.0 million in shares of the Company’s Class A common stock, which is equal to 5,422,993 shares at a fixed value of $4.61 per share (the “Merger Shares”). The Merger consideration is subject to adjustment for changes in working capital of Greater Media, outstanding debt of Greater Media and its subsidiaries as of the date of the closing and certain other payments and expenses. Additional Merger Shares may be issued in connection with such adjustment. In addition, the stockholders of Greater Media will receive the net cash proceeds from the sale of Greater Media’s tower assets, estimated to be approximately $24.0 million. Merger expenses of $1.2 million were expensed as a separate line item in the statements of comprehensive income for the three and nine months ended September 30, 2016. As of the date the Company issued these financial statements, the Company had not received the necessary financial information from Greater Media to determine the fair value of assets acquired and liabilities assumed to complete the purchase price allocation, pro-forma information and other required business combination disclosures. The Company expects to finalize its valuations and complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date New Credit Agreement On November 1, 2016, Beasley Mezzanine Holdings, LLC (the “Borrower”), a wholly-owned subsidiary of the Company entered into a new credit agreement by and among the Borrower, Royal Bank of Canada, as administrative agent and collateral agent and U.S. Bank National Association, as syndication agent (the “New Credit Agreement”), providing for a term loan B facility in the amount of $265.0 million (the “Term Loan Facility”) and a revolving credit facility of $20.0 million (the “Revolving Credit Facility”, and together with the Term Loan Facility, the “New Credit Facility”). Proceeds from the Term Loan Facility were used to repay the Existing Credit Facility, pay a portion of the purchase price and fees, costs and expenses incurred in connection with the Merger and to repay existing third party indebtedness of Greater Media. In connection with the New Credit Facility, the Company expects to record a loss on modification of long-term debt of $0.6 million during the fourth quarter of 2016. The New Credit Facility is secured by substantially all assets of the Company, the Borrower and their subsidiaries, including Greater Media and its subsidiaries acquired through the Merger. The Company and the Borrower’s subsidiaries guarantee repayment of the New Credit Facility. The Term Loan Facility matures on the seventh anniversary of the Closing Date, which was November 1, 2016, and will amortize in quarterly installments in aggregate annual amounts equal to (i) 2.5% of the original principal amount of the Term Loan Facility during the first two years after the Closing Date and (ii) 5.0 % of the original principal amount of the Term Loan Facility for each year thereafter. The first amortization payment is due at the end of the first full fiscal quarter after the Closing Date and the remaining balance of the original principal amount of the Term Loan Facility outstanding at maturity will be paid in a final balloon payment. The Revolving Credit Facility terminates on the fifth anniversary of the Closing Date and loans thereunder may be borrowed, repaid, and reborrowed up to such date. Loans under the New Credit Facility, at the Borrower’s option, will bear interest at either LIBOR plus 6.0% or base rate plus 5.0%. Each interest rate decreases 0.25% when the Company’s first lien leverage ratio is equal to or less than 3.75 times. Solely with respect to the Term Loan Facility incurred on the Closing Date, LIBOR is subject to a 1% floor. Interest payments for the loans based on LIBOR are due at the end of each applicable interest period unless the interest period is longer than three months, then they are due at the end of each three month period. Interest payments for the loans based on the base rate are due quarterly. The New Credit Facility is subject to customary negative covenants as well as a financial covenant that is a maximum first lien leverage ratio that will be tested as the end of each fiscal quarter beginning with the quarter ending March 31, 2017. The Company’s Consolidated First Lien Debt, as described in the New Credit Agreement, on the last day of each fiscal quarter for the period from March 31, 2017 through March 31, 2018 must not exceed 6.25 times its Consolidated EBITDA, as described in the New Credit Agreement, for the four quarters then ended. For the period from June 30, 2018 through September 30, 2018, the maximum ratio is 6.0 times. For the period from December 31, 2018 through September 30, 2019, the maximum ratio is 5.75 times. For December 31, 2019 and thereafter, the maximum ratio is 5.25 times. The aggregate scheduled principal repayments of the New Credit Facility for the next five years and thereafter are as follows: 2017 $ 6,625,000 2018 6,625,000 2019 13,250,000 2020 13,250,000 2021 13,250,000 Thereafter 212,000,000 Total $ 265,000,000 Radio Station Sales On October 18, 2016, the Company entered into a definitive agreement to sell substantially all of the assets used or useful in the operations of WBT-AM, WBT-FM, WFNZ-AM and WLNK-FM in Charlotte, NC to Entercom Communications Corp. (“Entercom”) for $24.0 million. On November 1, 2016, Entercom began operating WBT-AM, WBT-FM and WLNK-FM, which are currently in a trust following completion of the Company’s acquisition of Greater Media, under a local marketing agreement. The sale, which is expected to close in the fourth quarter of 2016, is subject to Federal Communications Commission approval and other customary closing conditions. The Company intends to use the net proceeds to repay a portion of the outstanding balance under the Company’s New Credit Facility. The assets of WFNZ-AM have been classified as held for sale as of September 30, 2016. A summary of assets held for sale as of December 31, 2015 and September 30, 2016 is as follows: December 31, September 30, Property and equipment, net $ 1,755,123 $ 1,715,917 FCC broadcasting license 2,166,400 2,166,400 $ 3,921,523 $ 3,882,317 |
Recent Accounting Pronounceme16
Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | In August 2016, the Financial Accounting Standards Board (“FASB”) issued guidance to reduce diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The new guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The Company is currently in the process of reviewing the new guidance, but its preliminary assessment, which is subject to change, does not result in a significant impact on its financial statements. In March 2016, the FASB issued guidance to improve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The new guidance is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. The Company continues to review the new guidance, but its preliminary assessment, which is subject to change, does not result in a significant impact on its financial statements. In February 2016, the FASB issued guidance to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. There continues to be a differentiation between finance leases and operating leases, however lease assets and lease liabilities arising from operating leases should now be recognized in the statement of financial position. New disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The new guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company continues to review the new guidance and is currently researching lease management software. The Company expects the new guidance to result in a significant impact on the balance sheet however that impact will not be quantified until closer to the adoption date. The Company does not expect the new guidance to have a significant impact on the statement of comprehensive income. In January 2016, the FASB issued guidance that changes how entities measure equity investments and present changes in the fair value of financial liabilities. The new guidance requires entities to measure equity investments that do not result in consolidation and are not accounted under the equity method at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicality exception. A practicality exception will apply to those equity investments that do not have a readily determinable fair value and do not qualify for the practical expedient to estimate fair value, and as such, these investments may be measured at cost. The new guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company continues to review the new guidance, but its preliminary assessment, which is subject to change, does not result in a significant impact on its financial statements. In May 2014, the FASB issued guidance to clarify the principles for recognizing revenue. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a comprehensive framework for revenue recognition that supersedes current general revenue guidance and most industry-specific guidance. In addition, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. In 2016, the FASB issued several updates to address implementation issues and to clarify guidance for principal versus agent considerations and identifying performance obligations and licensing. An entity should apply the guidance either retrospectively to each prior reporting period presented or retrospectively with the cumulative adjustment at the date of the initial application. In August 2015, the FASB delayed the effective date of the new guidance to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is now permitted after the original effective date of December 15, 2016. The Company continues to review the new guidance, but its preliminary assessment, which is subject to change, does not result in a significant impact on its financial statements. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Summary of Long-Term Debt | Long-term debt is comprised of the following: December 31, September 30, Term loan $ 89,000,000 $ 83,000,000 Capital lease obligations 750,216 706,517 89,750,216 83,706,517 Less unamortized debt issuance costs (1,804,390 ) (1,529,143 ) 87,945,826 82,177,374 Less current installments (1,484,048 ) (5,029,124 ) $ 86,461,778 $ 77,148,250 |
Scheduled Repayments of Capital Lease Obligations | The aggregate scheduled principal repayments of the capital lease obligations for the remainder of 2016 and the next four years and thereafter are as follows: 2016 $ 14,566 2017 61,077 2018 64,020 2019 67,101 2020 70,326 Thereafter 429,427 Total $ 706,517 |
New Credit Agreement [Member] | |
Scheduled Repayments of Capital Lease Obligations | The aggregate scheduled principal repayments of the New Credit Facility for the next five years and thereafter are as follows: 2017 $ 6,625,000 2018 6,625,000 2019 13,250,000 2020 13,250,000 2021 13,250,000 Thereafter 212,000,000 Total $ 265,000,000 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Restricted Stock Activity | A summary of restricted stock activity under the 2007 Plan for the three months ended September 30, 2016 is as follows: Shares Weighted- Grant-Date Unvested as of July 1, 2016 292,593 $ 4.70 Granted 37,500 4.90 Vested (7,500 ) 8.49 Forfeited (500 ) 7.26 Unvested as of September 30, 2016 322,093 $ 4.64 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Summary of Assets Held For Sale | A summary of assets held for sale as of December 31, 2015 and September 30, 2016 is as follows: December 31, September 30, Property and equipment, net $ 1,755,123 $ 1,715,917 FCC broadcasting license 2,166,400 2,166,400 $ 3,921,523 $ 3,882,317 |
FCC Broadcasting Licenses - Add
FCC Broadcasting Licenses - Additional Information (Detail) $ in Millions | Jul. 29, 2016USD ($)License | Jul. 25, 2016USD ($)License |
Southern Nevada Educational Broadcasters [Member] | ||
FCC Broadcasting Licenses [Line Items] | ||
Acquisition of translator licenses | $ | $ 0.7 | |
Number of translator licenses acquired | License | 1 | |
Radio One of Boston Inc [Member] | ||
FCC Broadcasting Licenses [Line Items] | ||
Acquisition of translator licenses | $ | $ 0.4 | |
Number of translator licenses acquired | License | 1 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Line of Credit Facility [Line Items] | ||
Capital lease obligations | $ 706,517 | $ 750,216 |
Long-term debt, including capital lease obligations | 83,706,517 | 89,750,216 |
Less unamortized debt issuance costs | (1,529,143) | (1,804,390) |
Long-term debt | 82,177,374 | 87,945,826 |
Long-term debt | 82,177,374 | 87,945,826 |
Less current installments | (5,029,124) | (1,484,048) |
Long-term debt, net of current portion | 77,148,250 | 86,461,778 |
Term Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term debt | $ 83,000,000 | $ 89,000,000 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016USD ($)Radio_Stations | Dec. 31, 2015USD ($)Radio_Stations | |
Line of Credit Facility [Line Items] | ||
Mandatory prepayments of consolidated excess cash flow due period | 120 days | |
Mandatory prepayments of consolidated excess cash flow required by existing credit agreement | The credit agreement governing the Existing Credit Facility (the “Existing Credit Agreement”) requires mandatory prepayments equal to 50% of consolidated excess cash flow, as defined in the Existing Credit Agreement, when the Company’s consolidated total debt is equal to or greater than three times its consolidated operating cash flow, as defined in the Existing Credit Agreement. Prepayments of excess cash flow are not required when the Company’s consolidated total debt is less than three times its consolidated operating cash flow. Mandatory prepayments of consolidated excess cash flow are due 120 days after year end. The Existing Credit Agreement also requires mandatory prepayments for defined amounts from net proceeds of asset sales, net insurance proceeds, and net proceeds of debt issuances. | |
First Mortgage [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest Coverage Ratio | 200.00% | |
Broadcast Equipment [Member] | ||
Line of Credit Facility [Line Items] | ||
Number of radio towers leased for radio stations under separate lease agreement | Radio_Stations | 2 | 2 |
Term Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term debt | $ 83,000,000 | $ 89,000,000 |
Revolving Credit Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Revolving credit facility maximum commitment | 20,000,000 | $ 20,000,000 |
Remaining commitments under the revolving credit loan facility | $ 20,000,000 | |
Fiscal Quarter Through September 30, 2016 [Member] | First Mortgage [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term Debt Covenants Aggregate Leverage Ratio | 4.5 | |
October 1, 2016 Through March 31, 2017 [Member] | First Mortgage [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term Debt Covenants Aggregate Leverage Ratio | 4.25 | |
April 1, 2017 Through December 31, 2017 [Member] | First Mortgage [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term Debt Covenants Aggregate Leverage Ratio | 4 | |
January 1, 2018 Through December 31, 2018 [Member] | First Mortgage [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term Debt Covenants Aggregate Leverage Ratio | 3.75 | |
January 1, 2019 Through December 31, 2019 [Member] | First Mortgage [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term Debt Covenants Aggregate Leverage Ratio | 3.5 | |
January 1, 2020 Through December 31, 2020 [Member] | First Mortgage [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term Debt Covenants Aggregate Leverage Ratio | 3 | |
Existing Credit Agreement [Member] | ||
Line of Credit Facility [Line Items] | ||
Revolving credit loan and term loan carried interest | 3.50% | 3.90% |
Mandatory prepayments of excess cash flow | 50.00% |
Long-Term Debt - Scheduled Repa
Long-Term Debt - Scheduled Repayments of Capital Lease Obligations (Detail) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
2,016 | $ 14,566 | |
2,017 | 61,077 | |
2,018 | 64,020 | |
2,019 | 67,101 | |
2,020 | 70,326 | |
Thereafter | 429,427 | |
Total | $ 83,706,517 | $ 89,750,216 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - 2007 Plan [Member] $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total unrecognized compensation cost related to restricted stock granted | $ | $ 0.8 |
Cost expected to be recognized over a weighted-average period | 1 year 8 months 12 days |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock awards, vest, period | 1 year |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
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 | 4,000,000 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Activity (Detail) - 2007 Plan [Member] | 3 Months Ended |
Sep. 30, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested Shares, Beginning Balance | shares | 292,593 |
Granted, Shares | shares | 37,500 |
Vested, Shares | shares | (7,500) |
Forfeited, Shares | shares | (500) |
Unvested Shares, Ending Balance | shares | 322,093 |
Unvested, Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares | $ 4.70 |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | 4.90 |
Vested, Weighted-Average Grant-Date Fair Value | $ / shares | 8.49 |
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares | 7.26 |
Unvested, Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares | $ 4.64 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Schedule Of Income Tax [Line Items] | ||||
Effective tax rate | 48.00% | 35.00% | 43.00% | 40.00% |
Federal statutory rate | 35.00% | 35.00% | 35.00% | 35.00% |
Merger expenses | $ 1,200,573 | $ 1,200,573 | $ 349,917 | |
Greater Media Inc [Member] | ||||
Schedule Of Income Tax [Line Items] | ||||
Merger expenses | $ 1,200,000 | $ 1,200,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - Digital PowerRadio LLC [Member] | May 03, 2016USD ($) |
Related Party Transaction [Line Items] | |
Additional contribution to related party | $ 166,667 |
Percentage of outstanding units ownership interest to Digital PowerRadio | 20.00% |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Instrument Fair Value Carrying Value [Abstract] | ||
Long term debt, including capital lease obligations and current installments | $ 83,706,517 | $ 89,750,216 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Nov. 01, 2016 | Oct. 18, 2016 | Dec. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 |
Subsequent Event [Line Items] | |||||||
Merger and exchange expenses | $ 1,200,573 | $ 1,200,573 | $ 349,917 | ||||
Revolving Credit Loan [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Amount of credit facility | 20,000,000 | $ 20,000,000 | $ 20,000,000 | ||||
Revolving Credit Loan [Member] | New Credit Agreement [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Credit facility maturity description | The Revolving Credit Facility terminates on the fifth anniversary of the Closing Date and loans thereunder may be borrowed, repaid, and reborrowed up to such date. | ||||||
Term Loan [Member] | New Credit Agreement [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Credit facility maturity description | The Term Loan Facility matures on the seventh anniversary of the Closing Date, which was November 1, 2016, and will amortize in quarterly installments in aggregate annual amounts equal to (i) 2.5% of the original principal amount of the Term Loan Facility during the first two years after the Closing Date and (ii) 5.0 % of the original principal amount of the Term Loan Facility for each year thereafter. | ||||||
Scenario, Forecast [Member] | New Credit Agreement [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Loss on modification of long-term debt | $ (600,000) | ||||||
Greater Media Inc [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Merger and exchange expenses | $ 1,200,000 | $ 1,200,000 | |||||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Proceeds from sale assets held for sale | $ 24,000,000 | ||||||
Subsequent Event [Member] | New Credit Agreement [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Credit facility interest rate period increase (decrease) | (0.25%) | ||||||
Long-term Debt Covenants Aggregate Leverage Ratio | 3.75 | ||||||
Subsequent Event [Member] | New Credit Agreement [Member] | LIBOR [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Credit facility interest rate margins | 6.00% | ||||||
Subsequent Event [Member] | New Credit Agreement [Member] | Base Rate [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Credit facility interest rate margins | 5.00% | ||||||
Subsequent Event [Member] | Term Loan B Facility [Member] | New Credit Agreement [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Amount of credit facility | $ 265,000,000 | ||||||
Subsequent Event [Member] | Revolving Credit Loan [Member] | New Credit Agreement [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Amount of credit facility | $ 20,000,000 | ||||||
Subsequent Event [Member] | Term Loan [Member] | Floor Rate [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Term loan facility interest rate | 1.00% | ||||||
Subsequent Event [Member] | Term Loan [Member] | New Credit Agreement [Member] | Debt Instrument, Redemption, Period One [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Credit facility redemption percentage in first two years | 2.50% | ||||||
Subsequent Event [Member] | Term Loan [Member] | New Credit Agreement [Member] | Debt Instrument, Redemption, Period Two [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Credit facility redemption percentage after three years | 5.00% | ||||||
Subsequent Event [Member] | March 31, 2017 Through March 31, 2018 [Member] | New Credit Agreement [Member] | Maximum [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Long-term Debt Covenants Aggregate Leverage Ratio | 6.25 | ||||||
Subsequent Event [Member] | June 30, 2018 Through September 30, 2018 [Member] | New Credit Agreement [Member] | Maximum [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Long-term Debt Covenants Aggregate Leverage Ratio | 6 | ||||||
Subsequent Event [Member] | December 31, 2018 Through September 30, 2019 [Member] | New Credit Agreement [Member] | Maximum [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Long-term Debt Covenants Aggregate Leverage Ratio | 5.75 | ||||||
Subsequent Event [Member] | December 31, 2019 And Thereafter [Member] | New Credit Agreement [Member] | Maximum [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Long-term Debt Covenants Aggregate Leverage Ratio | 5.25 | ||||||
Subsequent Event [Member] | Greater Media Inc [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Merger agreement date | Nov. 1, 2016 | ||||||
Aggregate purchase price | $ 239,875,000 | ||||||
Refinancing of outstanding debt and payment of certain transaction expenses | 82,000,000 | ||||||
Proceeds to be paid to stockholders in cash | $ 94,400,000 | ||||||
Number of shares equal to payment to stockholders | 5,422,993 | ||||||
Fixed value of share | $ 4.61 | ||||||
Cash proceeds to stockholders from sale of tower assets | $ 24,000,000 | ||||||
Subsequent Event [Member] | Greater Media Inc [Member] | Class A Common Stock [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Proceeds to be paid to stockholders in shares | $ 25,000,000 |
Subsequent Events - Scheduled R
Subsequent Events - Scheduled Repayments of Credit Facility and Capital Lease Obligations (Detail) - New Credit Agreement [Member] | Sep. 30, 2016USD ($) |
Debt Instrument [Line Items] | |
2,017 | $ 6,625,000 |
2,018 | 6,625,000 |
2,019 | 13,250,000 |
2,020 | 13,250,000 |
2,021 | 13,250,000 |
Thereafter | 212,000,000 |
Total | $ 265,000,000 |
Subsequent Events - Summary of
Subsequent Events - Summary of Assets Held For Sale (Detail) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Long Lived Assets Held-for-sale [Line Items] | ||
Assets held for sale | $ 3,882,317 | $ 3,921,523 |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets held for sale | 3,882,317 | 3,921,523 |
Licensing Agreements [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets held for sale | 2,166,400 | 2,166,400 |
Property, Plant and Equipment [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets held for sale | $ 1,715,917 | $ 1,755,123 |