10-Q

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0001193125-21-154914.txt : 20210507 0001193125-21-154914.hdr.sgml : 20210507 20210507160638 ACCESSION NUMBER: 0001193125-21-154914 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 57 CONFORMED PERIOD OF REPORT: 20210331 FILED AS OF DATE: 20210507 DATE AS OF CHANGE: 20210507 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BEASLEY BROADCAST GROUP INC CENTRAL INDEX KEY: 0001099160 STANDARD INDUSTRIAL CLASSIFICATION: RADIO BROADCASTING STATIONS [4832] IRS NUMBER: 650960915 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-29253 FILM NUMBER: 21902634 BUSINESS ADDRESS: STREET 1: 3033 RIVIERA DRIVE STREET 2: SUITE 200 CITY: NAPLES STATE: FL ZIP: 34103 BUSINESS PHONE: 9412635000 MAIL ADDRESS: STREET 1: 3033 RIVIERA DRIVE STREET 2: SUITE 200 CITY: NAPLES STATE: FL ZIP: 34103 10-Q 1 d43816d10q.htm 10-Q 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2021

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File No. 000-29253

BEASLEY BROADCAST GROUP, INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware

65-0960915

(State of Incorporation)

(I.R.S. Employer

Identification Number)

3033 Riviera Drive, Suite 200

Naples, Florida 34103

(Address of Principal Executive Offices and Zip Code)

(239) 263-5000

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading

Symbol

Name of Each Exchange

on which Registered

Class A Common Stock, par value $0.001 per share

BBGI

Nasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class A Common Stock, $0.001 par value, 12,579,767 Shares Outstanding as of April 30, 2021

Class B Common Stock, $0.001 par value, 16,662,743 Shares Outstanding as of April 30, 2021

INDEX


		Page No.
	PART I FINANCIAL INFORMATION

Item 1.	Condensed Consolidated Financial Statements.		3

	Notes to Condensed Consolidated Financial Statements.		6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.		12

Item 3.	Quantitative and Qualitative Disclosures About Market Risk.		18

Item 4.	Controls and Procedures.		18

PART II

OTHER INFORMATION



Item 1.	Legal Proceedings.	19

Item 1A.	Risk Factors.	19

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	19

Item 3.	Defaults Upon Senior Securities.	19

Item 4.	Mine Safety Disclosures.	19

Item 5.	Other Information.	19

Item 6.	Exhibits.	20

SIGNATURES		21

BEASLEY BROADCAST GROUP, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


	December 31,			March 31,
	2020			2021
ASSETS
Current assets:
Cash and cash equivalents	$	20,759,432		$	56,210,605
Accounts receivable, less allowance for doubtful accounts of $5,033,035 in 2020 and $2,465,557 in 2021		47,395,423			36,687,353
Prepaid expenses		2,486,860			3,886,625
Other current assets		6,883,554			5,078,636

Total current assets		77,525,269			101,863,219
Property and equipment, net		53,667,550			52,403,620
Operating lease right-of-use assets		34,419,663			39,604,094
Finance lease right-of-use assets		333,333			330,000
FCC licenses		508,558,355			508,413,913
Goodwill		28,596,547			28,596,547
Other intangibles, net		25,859,192			25,048,873
Other assets		9,654,447			5,838,286

Total assets	$	738,614,356		$	762,098,552

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	12,395,407		$	6,580,532
Operating lease liabilities		7,006,194			8,175,982
Finance lease liabilities		70,171			54,573
Other current liabilities		20,988,441			22,835,831

Total current liabilities		40,460,213			37,646,918
Due to related parties		5,621,364			444,727
Long-term debt, net of unamortized debt issuance costs		258,345,380			302,649,259
Operating lease liabilities		29,632,908			33,742,132
Finance lease liabilities		1,945			—
Deferred tax liabilities		120,913,983			118,341,711
Other long-term liabilities		16,536,743			16,534,008

Total liabilities		471,512,536			509,358,755
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued		—			—
Class A common stock, $0.001 par value; 150,000,000 shares authorized; 15,930,765 issued and 12,677,074 outstanding in 2020; 16,104,137 issued and 12,572,267 outstanding in 2021		15,930			16,103
Class B common stock, $0.001 par value; 75,000,000 shares authorized; 16,662,743 issued and outstanding in 2020 and 2021		16,662			16,662
Additional paid-in capital		154,004,965			150,035,463
Treasury stock, Class A common stock; 3,253,691 shares in 2020; 3,531,870 shares in 2021		(28,187,857	)		(28,972,759	)
Retained earnings		143,304,213			133,070,947
Accumulated other comprehensive loss		(1,426,619	)		(1,426,619	)

Total stockholders’ equity		267,727,294			252,739,797
Noncontrolling interests		(625,474	)		—

Total equity		267,101,820			252,739,797

Total liabilities and equity	$	738,614,356		$	762,098,552

BEASLEY BROADCAST GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)


	Three Months Ended March 31,
	2020			2021
Net revenue	$	57,650,426		$	48,212,040

Operating expenses:
Operating expenses (including stock-based compensation of $130,120 in 2020 and $70,931 in 2021 and excluding depreciation and amortization shown separately below)		50,900,477			42,967,871
Corporate expenses (including stock-based compensation of $136,319 in 2020 and $449,870 in 2021)		4,513,092			3,905,289
Other operating expenses		—			1,100,000
Depreciation and amortization		2,576,475			2,951,901
Impairment losses		6,804,412			—
Gain on disposition		—			(191,988	)

Total operating expenses		64,794,456			50,733,073

Operating loss		(7,144,030	)		(2,521,033	)
Non-operating income (expense):
Interest expense		(4,184,811	)		(5,778,071	)
Loss on extinguishment of long-term debt		—			(4,996,731	)
Other income (expense), net		26,425			38,413

Loss before income taxes		(11,302,416	)		(13,257,422	)
Income tax benefit		(2,417,780	)		(2,602,886	)

Loss before equity in earnings of unconsolidated affiliates		(8,884,636	)		(10,654,536	)
Equity in earnings of unconsolidated affiliates, net of tax		(61,527	)		(30,105	)

Net loss		(8,946,163	)		(10,684,641	)
Earnings attributable to noncontrolling interest		109,602			129,249

Net loss attributable to BBGI stockholders	$	(8,836,561	)		(10,555,392	)

Net loss attributable to BBGI stockholders per Class A and Class B common share:
Basic and diluted	$	(0.32	)	$	(0.36	)
Dividends declared per common share	$	0.05		$	—
Weighted average shares outstanding:
Basic		27,947,577			29,302,799
Diluted		27,947,577			29,302,799

BEASLEY BROADCAST GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


	Three Months Ended March 31,
	2020			2021
Cash flows from operating activities:
Net loss	$	(8,946,163	)	$	(10,684,641	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Stock-based compensation		266,439			520,801
Provision for bad debts		1,013,038			(1,472,165	)
Depreciation and amortization		2,576,475			2,951,901
Impairment losses		6,804,412			—
Gain on disposition		—			(191,988	)
Amortization of loan fees		483,983			411,363
Loss on extinguishment of long-term debt		—			4,996,731
Deferred income taxes		(2,417,780	)		(2,602,886	)
Equity in earnings of unconsolidated affiliates		61,527			30,105
Change in operating assets and liabilities:
Accounts receivable		6,870,703			12,180,235
Prepaid expenses		(1,148,083	)		(1,399,765	)
Other assets		(854,721	)		1,286,882
Accounts payable		1,481,571			(5,814,875	)
Other liabilities		(3,968,917	)		1,870,041
Other operating activities		(268,761	)		272,268

Net cash provided by operating activities		1,953,723			2,354,007

Cash flows from investing activities:
Capital expenditures		(3,443,430	)		(1,029,268	)
Proceeds from dispositions		—			362,500
Payments for investments		(750,000	)		—

Net cash used in investing activities		(4,193,430	)		(666,768	)

Cash flows from financing activities:
Issuance of debt		7,500,000			310,000,000
Payments on debt		(4,000,000	)		(268,500,000	)
Payment of debt issuance costs		—			(7,604,215	)
Reduction of finance lease liabilities		(16,205	)		(17,543	)
Dividends paid		(1,397,183	)		—
Purchase of treasury stock		(15,875	)		(114,308	)

Net cash provided by financing activities		2,070,737			33,763,934

Net increase (decrease) in cash and cash equivalents		(168,970	)		35,451,173
Cash and cash equivalents at beginning of period		18,648,171			20,759,432

Cash and cash equivalents at end of period	$	18,479,201		$	56,210,605

Cash paid for interest	$	3,777,582		$	1,836,787

Cash paid for income taxes	$	115,400		$	1,374,403

Supplement disclosure of non-cash investing and financing activities:
Acquisition of noncontrolling interest	$	—		$	4,490,130

Extinguishment of trade sales payable	$	—		$	934,500

Class A common stock returned to treasury stock	$	—		$	670,594

Dividends declared but unpaid	$	1,398,321		$	—

BEASLEY BROADCAST GROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(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, 2020. 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.

As of December 31, 2020, the financial statements included the accounts of the Company and its wholly owned subsidiaries and its investments in OutlawsXP, Inc. (“Outlaws”) and Renegades Holdings, Inc. (“Renegades”). The Company held an approximately 90% economic interest in Outlaws and an approximately 51% economic interest in Renegades as of December 31, 2020. Renegades held an approximately 10% economic interest in Outlaws as of December 31, 2020. On March 12, 2021, the Company entered into an agreement to exchange its ownership interest in Renegades for the interest held by Renegades in Outlaws. As a result of the exchange, Outlaws is now a wholly owned subsidiary of the Company and the Company no longer holds an economic interest in Renegades therefore the accounts of Renegades are no longer consolidated in the Company’s financial statements subsequent to the date of the exchange. Also, as a result of the exchange, the Company recorded a loss of approximately $3,000 attributable to the difference between the estimated fair value of the economic interest held by Renegades in Outlaws and the carrying amount of the Company’s ownership interest in Renegades in the first quarter of 2021. The Company used a discounted cash flow model with annual revenue growth rates ranging from 5% to 57%, operating margins ranging from (27)% to 67%, and a discount rate of 13.5% to determine the loss.

The COVID-19 pandemic continues to create significant uncertainty and disruption in the global economy and financial markets. It is reasonably possible that these uncertainties could materially impact the Company’s significant accounting estimates related to, but not limited to, allowance for doubtful accounts, impairment of FCC licenses and goodwill, and determination of right-of-use assets. As a result, many of the Company’s estimates and assumptions require increased judgment and carry a higher degree of variability and volatility. The Company’s estimates may change as new events occur and additional information emerges, and such changes are recognized or disclosed in its consolidated financial statements.

(2) FCC Licenses

Licenses are tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the Company’s licenses might be impaired. The Company assesses qualitative factors to determine whether it is more likely than not that its licenses are impaired. If the Company determines it is more likely than not that its licenses are impaired, then the Company is required to perform a quantitative impairment test. The quantitative impairment test compares the fair value of the Company’s licenses with their carrying amounts. If the carrying amounts of the licenses exceed their fair value, an impairment loss is recognized in an amount equal to that excess. For the purpose of testing its licenses for impairment, the Company combines its licenses into reporting units based on its radio market clusters.

The Company did not identify any triggering events for impairment during the first quarter of 2021.

Due to the impact of the COVID-19 pandemic on the U.S. economy, the Company tested its FCC licenses for impairment during the first quarter of 2020. As a result of the quantitative impairment test, the Company recorded impairment losses of $6.8 million related to the FCC licenses in its Atlanta, GA, Las Vegas, NV, Middlesex-Monmouth-Morristown, NJ, West Palm Beach-Boca Raton, FL, and Wilmington, DE radio market clusters. The impairment losses were primarily due to a decrease in projected revenue in these markets due to the impact of the COVID-19 pandemic and an increase in the discount rate used in the discounted cash flow analyses to estimate the fair value of the FCC licenses due to certain risks specifically associated with the Company and the radio broadcasting industry. The fair values were estimated using an income approach. The income approach is based upon discounted cash flow analyses incorporating variables, such as projected radio market revenues, projected growth rate for radio market revenues, projected radio market revenue shares, projected radio station operating income margins, and a discount rate appropriate for the radio broadcasting industry. The key assumptions used in the discounted cash flow analyses are as follows:

BEASLEY BROADCAST GROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


Revenue growth rates		(14.1)% - 7.9%
Market revenue shares at maturity		0.6% - 39.0%
Operating income margins at maturity		26.5% - 35.4%
Discount rate		9.5%

On February 3, 2021, the Company completed the sale of WHSR-AM in West Palm Beach-Boca Raton, FL to a third party for $0.4 million. The sale included an FCC translator license with a carrying amount of $0.1 million.

(3) Long-Term Debt

Long-term debt is comprised of the following:


	December 31,			March 31,
	2020			2021
Secured notes	$	—		$	300,000,000
PPP loan		—			10,000,000
Credit facility - term loan		238,000,000			—
Credit facility - revolving credit facility		20,000,000			—
Promissory note		5,500,000			—

	263,500,000			310,000,000
Less unamortized debt issuance costs		(5,154,620	)		(7,350,741	)

	$258,345,380			$302,649,259

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, commencing on August 1, 2021. 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 Company used the net proceeds from the Notes, to repay the credit facility, the promissory note, and a loan from Mr. George Beasley (see Note 9) and to pay related accrued interest, fees and expenses. 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 connection with the issuance of the Notes and the repayment of the credit facility, the Company recorded a loss on extinguishment of long-term debt of $5.0 million during the first quarter of 2021.

On March 1, 2021, the Company entered into a loan with Synovus Bank for $10.0 million pursuant to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The loan bears interest at a rate of 1.0% per annum and matures on March 1, 2026. Principal and interest payments will be deferred, with interest accruing, until after the period in which the Company may apply for loan forgiveness pursuant to the PPP. After the deferral period, the Company will make monthly principal and interest payments, amortized over the remaining term of the loan. The loan may be prepaid at any time prior to maturity with no prepayment penalties. The loan contains customary events of default relating to, among other things, payment defaults or breaches of the terms of the promissory note. Upon the occurrence of an event of default, Synovus Bank may require immediate repayment of all amounts outstanding under the promissory note. Under the terms of the CARES Act, the Company can apply for and be granted forgiveness for all or a portion of the loan granted under the PPP. The loan is subject to forgiveness to the extent proceeds are used for certain qualifying expenses pursuant to the terms and limitations of the PPP. The Company intends to use the loan for qualifying expenses. However, no assurance can be provided that the Company will apply for or obtain forgiveness of the loan in whole or in part.

As of December 31, 2020, the credit facility consisted of a term loan facility with a remaining balance of $238.0 million and a revolving credit facility with an outstanding balance of $20.0 million and a maximum commitment of $20.0 million. The revolving credit facility carried interest, based on LIBOR, at 4.4% as of December 31, 2020. The term loan carried interest, based on LIBOR, at 5.25% as of December 31, 2020. As noted above, the credit facility was repaid on February 2, 2021, using a portion of the proceeds from the Notes offering.

BEASLEY BROADCAST GROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

On November 14, 2019, the Company acquired a majority interest in an esports team and issued a promissory note for $16.5 million to the seller. On June 30, 2020, the Company entered into an amendment to the promissory note applicable to the remaining balance. As amended, the promissory note bore cash-pay interest at 5% per annum payable quarterly in arrears and additional payment-in-kind interest at 10% per annum. The promissory note had a remaining balance of $5.5 million as of December 31, 2020. As noted above, the amended promissory note was repaid on February 2, 2021, using a portion of the proceeds from the Notes offering.

(4)

Stockholders’ Equity

The changes in stockholders’ equity for the three months ended March 31, 2020 and 2021 are as follows:


	Three months ended March 31,
	2020			2021
Beginning balance	$	284,471,958		$	267,101,820
Stock-based compensation		266,439			520,801
Acquisition of noncontrolling interest		—			(4,490,130	)
Purchase of treasury stock		(15,875	)		(784,902	)
Net loss		(8,946,163	)		(10,684,641	)
Elimination of noncontrolling interest		—			1,076,849
Cash dividends		(1,398,321	)		—

Ending balance	$	274,378,038		$	252,739,797

(5)

Revenue

Revenue is comprised of the following:


	Three months ended March 31,
	2020		2021
Audio	$	50,912,978	$	41,729,602
Digital		5,284,025		5,763,728
Other		1,453,423		718,710

	$	57,650,426	$	48,212,040

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 sheet. Substantially all deferred revenue is recognized within twelve months of the payment date.


	December 31, 2020		March 31, 2021
Deferred revenue	$	3,732,890	$	3,873,046


	Three months ended March 31,
	2020		2021
Losses on receivables	$	834,925	$	1,095,313

BEASLEY BROADCAST GROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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, 2020		March 31, 2021
Trade sales receivable	$	956,999	$	773,667
Trade sales payable		892,543		810,967


	Three months ended March 31,
	2020		2021
Trade sales revenue	$	1,968,260	$	929,597

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.

(6)

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 and 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 unit activity is presented below:


	Units			Weighted- Average Grant-Date Fair Value
Unvested as of January 1, 2021		453,501		$	4.11
Granted		135,039			2.72
Vested		(173,372	)		2.82
Forfeited		—			—

Unvested as of March 31, 2021		415,168		$	3.79

A summary of restricted stock activity is presented below:


	Shares		Weighted- Average Grant- Date Fair Value
Unvested as of January 1, 2021		12,500	$	4.84
Vested		—		—
Forfeited		—		—

Unvested as of March 31, 2021		12,500	$	4.84

BEASLEY BROADCAST GROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

As of March 31, 2021, there was $1.1 million of total unrecognized compensation cost for restricted stock units and shares of restricted stock granted under the 2007 Plan. That cost is expected to be recognized over a weighted-average period of 2.5 years.

(7)

Income Taxes

The Company’s effective tax rate was (21)% and (20)% for the three months ended March 31, 2020 and 2021, 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.

(8)

Earnings Per Share

Net loss per share calculation information is as follows:


	Three months ended March 31,
	2020			2021
Net loss attributable to BBGI stockholders	$	(8,836,561	)	$	(10,555,392	)

Weighted-average shares outstanding:
Basic weighted shares outstanding		27,947,577			29,302,799
Effect of dilutive restricted stock units and restricted stock		—			—

Diluted		27,947,577			29,302,799

Net loss per Class A and Class B common share – basic and diluted	$	(0.32	)	$	(0.36	)

The Company excluded the effect of restrictive stock units and restricted stock under the treasury stock method as the addition of shares were anti-dilutive when reporting a net loss. The number of shares excluded were 48,577 and 32,166 for the three months ended March 31, 2020 and 2021, respectively.

(9)

Related Party Transactions

In June 2020, Mr. George Beasley, the Company’s Chairman, provided a $5.0 million loan to the Company that accrued payment-in-kind interest at 6% per annum with no cash payments due until the loan’s maturity in December 2023. Mr. Beasley and GGB Family Limited Partnership also each entered into standby letters of credit in combined aggregate face amount of $5.0 million in favor of U.S. Bank, National Association for the benefit of the Company as a source of backup liquidity that could have been drawn by U.S. Bank, National Association in the event that the Company failed to maintain a minimum liquidity amount. The loan was repaid on February 2, 2021, using a portion of the proceeds from the Notes offering (see Note 3).

(10)

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 estimated fair value of the Company’s secured notes, based on available market information as of March 31, 2021, was $300.75 million. The Company used Level 2 measurements under the fair value measurement hierarchy to determine the estimated fair value of the secured notes. The carrying amount of the Company’s long-term debt as of December 31, 2020 was $263.5 million, which approximated fair value based on current market interest rates.

(11)

Segment Information

BEASLEY BROADCAST GROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

following radio markets: Atlanta, GA, Augusta, GA, Boston, MA, Charlotte, NC, Detroit, MI, Fayetteville, NC, Fort Myers-Naples, FL, Las Vegas, NV, Middlesex, NJ, Monmouth, NJ, Morristown, NJ, Philadelphia, PA, Tampa-Saint Petersburg, FL, West Palm Beach-Boca Raton, FL, and Wilmington, DE. Corporate includes general and administrative expenses and certain other income and expense items not allocated to the operating segments. Non-operating corporate items including interest expense and income taxes, are reported in the accompanying condensed consolidated statements of comprehensive loss. The identification of segments is consistent with how the segments report to and are managed by the Company’s chief operating decision maker.

Reportable segment information for the three months ended March 31, 2021 is as follows:


	Audio			Digital			Other			Corporate			Total
Net revenue	$	41,729,602		$	5,763,728		$	718,710		$	—		$	48,212,040

Operating expenses		34,735,469			7,257,915			974,487			—			42,967,871
Corporate expenses		—			—			—			3,905,289			3,905,289
Other operating expenses		500,000			—			—			600,000			1,100,000
Depreciation and amortization		2,004,377			—			811,903			135,621			2,951,901
Gain on disposition		(191,988	)		—			—			—			(191,988	)

Operating income (loss)	$	4,681,744		$	(1,494,187	)	$	(1,067,680	)	$	(4,640,910	)	$	(2,521,033	)


	Audio		Digital		Other		Corporate		Total
Capital expenditures	$	712,945	$	—	$	2,852	$	313,471	$	1,029,268
Property and equipment, net		47,515,545		—		24,041		4,864,034		52,403,620
FCC licenses		508,413,913		—		—		—		508,413,913
Goodwill		25,377,447		—		3,219,100		—		28,596,547
Other intangibles, net		2,082,130		—		22,787,080		179,663		25,048,873

BEASLEY BROADCAST GROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

General

We are a multi-platform media company whose primary business is operating radio stations throughout the United States. We offer local and national advertisers integrated marketing solutions across audio, digital and event platforms. We own and operate radio stations in the following radio markets: Atlanta, GA, Augusta, GA, Boston, MA, Charlotte, NC, Detroit, MI, Fayetteville, NC, Fort Myers-Naples, FL, Las Vegas, NV, Middlesex, NJ, Monmouth, NJ, Morristown, NJ, Philadelphia, PA, Tampa-Saint Petersburg, FL, West Palm Beach-Boca Raton, FL, and Wilmington, DE. We refer to each group of radio stations in each radio market as a market cluster.

Recent Developments

As of December 31, 2020, the financial statements included the accounts of the Company and its wholly owned subsidiaries and its investments in OutlawsXP, Inc. (“Outlaws”) and Renegades Holdings, Inc. (“Renegades”). We held an approximately 90% economic interest in Outlaws and an approximately 51% economic interest in Renegades as of December 31, 2020. Renegades held an approximately 10% economic interest in Outlaws as of December 31, 2020. On March 12, 2021, we entered into an agreement to exchange our ownership interest in Renegades for the interest held by Renegades in Outlaws. As a result of the exchange, Outlaws is now a wholly owned subsidiary of the Company and we no longer hold an economic interest in Renegades therefore the accounts of Renegades are no longer consolidated in our financial statements subsequent to the date of the exchange. Also, as a result of the exchange, we recorded a loss of approximately $3,000 attributable to the difference between the estimated fair value of the economic interest held by Renegades in Outlaws and the carrying amount of our ownership interest in Renegades in the first quarter of 2021.

On March 1, 2021, we entered into a loan with Synovus Bank for $10.0 million pursuant to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The loan bears interest at a rate of 1.0% per annum and matures on March 1, 2026. Principal and interest payments will be deferred, with interest accruing, until after the period in which we may apply for loan forgiveness pursuant to the PPP. After the deferral period, we will make monthly principal and interest payments, amortized over the remaining term of the loan. The loan may be prepaid at any time prior to maturity with no prepayment penalties. The loan contains customary events of default relating to, among other things, payment defaults or breaches of the terms of the promissory note. Upon the occurrence of an event of default, Synovus Bank may require immediate repayment of all amounts outstanding under the promissory note. Under the terms of the CARES Act, we can apply for and be granted forgiveness for all or a portion of the loan granted under the PPP. The loan is subject to forgiveness to the extent proceeds are used for certain qualifying expenses pursuant to the terms and limitations of the PPP. We intend to use the loan for qualifying expenses. However, no assurance can be provided that we will apply for or obtain forgiveness of the loan in whole or in part.

On February 2, 2021, we 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, commencing on August 1, 2021. 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. We used the net proceeds from the Notes, to repay the credit facility, the promissory note, and loan from Mr. George Beasley (see Note 9 to the accompanying financial statements) and to pay related accrued interest, fees and expenses. 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 our assets; enter into transactions with affiliates; prepay certain kinds of indebtedness; and issue or sell stock of our subsidiaries.

Cautionary Note Regarding Forward-Looking Statements

This report contains “forward-looking statements” about the Company within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future, not past, events. All statements other than statements of historical fact included in this document are forward-looking statements. These forward-looking statements are based on the current beliefs and expectations of the Company’s management and are subject to known and unknown risks and uncertainties. Forward-looking statements, which address the Company’s expected business and financial performance and financial condition, among other matters, contain words such as: “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “may,” “will,” “plans,” “projects,” “could,” “should,” “would,” “seek,” “forecast,” or other similar expressions.

Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update or revise any forward-looking statements.

Forward-looking statements involve a number of risks and uncertainties, and actual results or events may differ materially from those projected or implied in those statements. Factors that could cause actual results or events to differ materially from these forward-looking statements include, but are not limited to:

•

the effects of the COVID-19 pandemic, including its potential effects on the economic environment and the Company’s results of operations, liquidity and financial condition, and the increased risk of impairments of the Company’s Federal Communications Commission (“FCC”) licenses and/or goodwill, as well as any changes to federal, state or local government laws, regulations or orders in connection with the pandemic;

•

external economic forces that could have a material adverse impact on the Company’s advertising revenues and results of operations;

•

the ability of the Company’s radio stations to compete effectively in their respective markets for advertising revenues;

•

the ability of the Company to develop compelling and differentiated digital content, products and services;

•

audience acceptance of the Company’s content, particularly its radio programs;

•

the ability of the Company to respond to changes in technology, standards and services that affect the radio industry;

•

the Company’s dependence on federally issued licenses subject to extensive federal regulation;

•

actions by the FCC or new legislation affecting the radio industry;

•

the Company’s dependence on selected market clusters of radio stations for a material portion of its net revenue;

•

credit risk on the Company’s accounts receivable;

•

the risk that the Company’s FCC licenses and/or goodwill could become impaired;

•

the Company’s substantial debt levels and the potential effect of restrictive debt covenants on the Company’s operational flexibility and ability to pay dividends;

•

the potential effects of hurricanes on the Company’s corporate offices and radio stations;

•

the failure or destruction of the internet, satellite systems and transmitter facilities that the Company depends upon to distribute its programming;

•

disruptions or security breaches of the Company’s information technology infrastructure;

•

the loss of key personnel;

•

the Company’s ability to integrate acquired businesses and achieve fully the strategic and financial objectives related thereto and their impact on the Company’s financial condition and results of operations;

•

the fact that the Company is controlled by the Beasley family, which creates difficulties for any attempt to gain control of the Company; and

•

other economic, business, competitive, and regulatory factors affecting the businesses of the Company, including those set forth in the Company’s filings with the SEC.

Although we believe the expectations reflected in any of our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. We do not intend, and undertake no obligation, to update any forward-looking statement.

Financial Statement Presentation

The following discussion provides a brief description of certain key items that appear in our financial statements and general factors that impact these items.

Net Revenue. Our net revenue is primarily derived from the sale of commercial spots to advertisers directly or through national, regional or local advertising agencies. Revenues are reported at the amount we expect to be entitled to receive under the contract. Local revenue generally consists of commercial advertising sales, digital advertising sales and other sales to advertisers in a radio station’s local market either directly to the advertiser or through the advertiser’s agency. National revenue generally consists of commercial advertising sales through advertiser agencies. National advertiser agencies generally purchase advertising for multiple markets. National sales are generally facilitated by our national representation firm, which serves as our agent in these transactions.

Our net revenue is generally determined by the advertising rates that we are able to charge and the number of advertisements that we can broadcast without jeopardizing listener levels. Advertising rates are primarily based on the following factors:

•

a radio station’s audience share in the demographic groups targeted by advertisers as measured principally by periodic reports issued by Nielsen Audio;

•

the number of radio stations, as well as other forms of media, in the market competing for the attention of the same demographic groups;

•

the supply of, and demand for, radio advertising time; and

•

the size of the market.

Our net revenue is affected by general economic conditions, competition and our ability to improve operations at our radio market clusters. Seasonal revenue fluctuations are also common in the radio broadcasting industry and are primarily due to variations in advertising expenditures by local and national advertisers. Our revenues typically are lowest in the first calendar quarter of the year. In addition, our revenues tend to fluctuate between years, consistent with, among other things, increased advertising expenditures in even-numbered years by political candidates, political parties and special interest groups. This political spending typically is heaviest during the fourth quarter of such years.

We use trade sales agreements to reduce cash paid for operating costs and expenses by exchanging advertising airtime for goods or services; however, we endeavor to minimize trade revenue in order to maximize cash revenue from our available airtime.

We also continue to invest in digital support services to develop and promote our radio station websites, applications, and other distribution platforms. We derive revenue from our websites through the sale of advertiser promotions and advertising on our websites and the sale of advertising airtime during audio streaming of our radio stations over the internet. We also generate revenue from selling third-party digital products and services.

Operating Expenses. Our operating expenses consist primarily of programming, engineering, sales, advertising and promotion, and general and administrative expenses incurred at our radio stations. We strive to control our operating expenses by centralizing certain functions at our corporate offices and consolidating certain functions in each of our radio market clusters.

Critical Accounting Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect reported amounts and related disclosures. We consider an accounting estimate to be critical if:

•

it requires assumptions to be made that were uncertain at the time the estimate was made; and

•

changes in the estimate or different estimates that could have been selected could have a material impact on our results of operations or financial condition.

Our critical accounting estimates are described in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2020. There have been no additional material changes to our critical accounting estimates during the first quarter of 2021.

Recent Accounting Pronouncements

There were no recent accounting pronouncements that have or will have a material effect on our financial condition or results of operations.

Three Months Ended March 31, 2021 Compared to the Three Months Ended March 31, 2020

The following summary table presents a comparison of our results of operations for the three months ended March 31, 2020 and 2021, with respect to certain of our key financial measures. These changes illustrated in the table are discussed in greater detail below. This section should be read in conjunction with the financial statements and notes to financial statements included in Item 1 of this report.


	Three Months ended March 31,						Change
	2020			2021			$			%
Net revenue	$	57,650,426		$	48,212,040		$	(9,438,386	)		(16.4	)%
Operating expenses		50,900,477			42,967,871			(7,932,606	)		(15.6	)
Corporate expenses		4,513,092			3,905,289			(607,803	)		(13.5	)
Impairment losses		6,804,412			—			(6,804,412	)		(100.0	)
Interest expense		4,184,811			5,778,071			1,593,260			38.1
Loss on extinguishment of long-term debt		—			4,996,731			4,996,731			—
Income tax benefit		(2,417,780	)		(2,602,886	)		(185,106	)		(7.7	)
Net loss		(8,946,163	)		(10,684,641	)		(1,738,478	)		(19.4	)

Net Revenue. Net revenue decreased $9.4 million during the three months ended March 31, 2021 as compared to the three months ended March 31, 2020. Significant factors affecting net revenue included a decrease in audio revenue and other revenue primarily due to the continuing impact of the COVID-19 pandemic, partially offset by an increase in digital revenue.

Operating Expenses. Operating expenses decreased $7.9 million during the three months ended March 31, 2021 as compared to the three months ended March 31, 2020. The decrease in operating expenses was due to the expense control initiatives implemented in response to the COVID-19 pandemic, including employee headcount reductions implemented in 2020.

Corporate Expenses. Corporate expenses decreased $0.6 million during the three months ended March 31, 2021 as compared to the three months ended March 31, 2020. The primary factor affecting corporate expenses was an allocation of digital expenses from corporate expenses to operating expenses.

Impairment Losses. Due to the impact of the COVID-19 pandemic on the U.S. economy, we tested our FCC licenses for impairment during the first quarter of 2020. As a result of the quantitative impairment test, we recorded impairment losses of $6.8 million related to the FCC licenses in our Atlanta, GA, Las Vegas, NV, Middlesex-Monmouth-Morristown, NJ, West Palm Beach-Boca Raton, FL, and Wilmington, DE radio market clusters. The impairment losses were primarily due to a decrease in projected revenue in these markets due to the impact of the COVID-19 pandemic and an increase in the discount rate used in the discounted cash flow analyses to estimate the fair value of our FCC licenses due to certain risks specifically associated with the Company and the radio broadcasting industry.

Interest Expense. Interest expense increased $1.6 million during the three months ended March 31, 2021, as compared to the three months ended March 31, 2020. The primary factor affecting interest expense was an increase in long-term debt outstanding and the applicable interest rate.

Loss on Extinguishment of Long-Term Debt. We recorded a loss on extinguishment of long-term debt of $5.0 million during the three months ended March 31, 2021, resulting from the issuance of secured notes on February 2, 2021 and the use of proceeds to repay the credit facility.

Income Tax Benefit. Our effective tax rate was approximately (21)% and (20)% for the three months ended March 31, 2020 and 2021, 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.

Net Loss. Net loss for the three months ended March 31, 2021 was $10.7 million compared to net loss of $8.9 million for the three months ended March 31, 2020 as a result of the factors described above.

Liquidity and Capital Resources

Overview. Our primary source of liquidity is internally generated cash flow. Our primary liquidity needs have been, and for the next twelve months and thereafter, are expected to continue to be, for working capital, debt service, and other general corporate purposes, including capital expenditures and radio station acquisitions. Historically, our capital expenditures have not been significant. In addition to property and equipment associated with radio station acquisitions, our capital expenditures have generally been, and are expected to continue to be, related to the maintenance of our office and studio space, the maintenance of our radio towers and equipment, and digital products and information technology. We have also purchased or constructed office and studio space in some of our markets to facilitate the consolidation of our operations.

In response to the COVID-19 pandemic, our board of directors has suspended future quarterly dividend payments until it is determined that resumption of dividend payments is in the best interest of the Company’s stockholders. In addition, as discussed in “Secured Notes” below, the Indenture governing our Notes limits our ability to pay dividends.

Secured Notes. On February 2, 2021, we 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, commencing on August 1, 2021. 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. We used the net proceeds from the Notes, to repay the credit facility, the promissory note, and a loan from Mr. George Beasley (see Note 9 to the accompanying financial statements) and to pay related accrued interest, fees and expenses. 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 our assets; enter into transactions with affiliates; prepay certain kinds of indebtedness; and issue or sell stock of our subsidiaries.

PPP loan. On March 1, 2021, we entered into a loan with Synovus Bank for $10.0 million pursuant to the PPP under the CARES Act. The loan bears interest at a rate of 1.0% per annum and matures on March 1, 2026. Principal and interest payments will be deferred, with interest accruing, until after the period in which we may apply for loan forgiveness pursuant to the PPP. After the deferral period, we will make monthly principal and interest payments, amortized over the remaining term of the loan. The loan may be prepaid at any time prior to maturity with no prepayment penalties. The loan contains customary events of default relating to, among other things, payment defaults or breaches of the terms of the promissory note. Upon the occurrence of an event of default, Synovus Bank may require immediate repayment of all amounts outstanding under the promissory note. Under the terms of the CARES Act, we can apply for and be granted forgiveness for all or a portion of the loan granted under the PPP. The loan is subject to forgiveness to the extent proceeds are used for certain qualifying expenses pursuant to the terms and limitations of the PPP. We intend to use the loan for qualifying expenses. However, no assurance can be provided that we will apply for or obtain forgiveness of the loan in whole or in part.

Credit Facility. As of December 31, 2020, the credit facility consisted of a term loan facility with a remaining balance of $238.0 million and a revolving credit facility with an outstanding balance of $20.0 million and a maximum commitment of $20.0 million. The revolving credit facility carried interest, based on LIBOR, at 4.4% as of December 31, 2020. The term loan carried interest, based on LIBOR, at 5.25% as of December 31, 2020. As noted above, the credit facility was repaid on February 2, 2021, using a portion of the proceeds from the Notes offering.

In June 2020, Mr. George Beasley, our Chairman, provided a $5.0 million loan to the Company that accrued payment-in-kind interest at 6% per annum with no cash payments due until the loan’s maturity in December 2023. Mr. Beasley and GGB Family Limited Partnership also each entered into standby letters of credit in combined aggregate face amount of $5.0 million in favor of U.S. Bank, National Association for the benefit of the Company as a source of backup liquidity in the event we failed to maintain a minimum liquidity amount. As noted above, the loan was repaid on February 2, 2021, using a portion of the proceeds from the Notes offering.

On November 14, 2019, we acquired a majority interest in an esports team and issued a promissory note for $16.5 million to the seller. On June 30, 2020, we entered into an amendment to the promissory note applicable to the remaining balance. As amended, the promissory note bore cash-pay interest at 5% per annum payable quarterly in arrears and additional payment-in-kind interest at 10% per annum. The promissory note had a remaining balance of $5.5 million as of December 31, 2020. As noted above, the promissory note was repaid on February 2, 2021, using a portion of the proceeds from the Notes offering.

From time to time, we repurchase sufficient shares of our common stock to fund withholding taxes in connection with the vesting of restricted stock units and shares of restricted stock. We paid $0.1 million to repurchase 42,883 shares during the three months ended March 31, 2021.

We expect to provide for future liquidity needs through one or a combination of the following sources of liquidity:

•

internally generated cash flow;

•

additional borrowings or notes offerings, to the extent permitted under the Indenture governing our Notes; and

•

additional equity offerings.

We believe we will have sufficient liquidity and capital resources to permit us to provide for our liquidity requirements and meet our financial obligations for the next twelve months and thereafter. However, poor financial results or unanticipated expenses could give rise to default under the Notes, additional debt servicing requirements or other additional financing or liquidity requirements sooner than we expect, and we may not secure financing when needed or on acceptable terms.

Cash Flows. The following summary table presents a comparison of our cash flows for the three months ended March 31, 2020 and 2021 with respect to certain of our key measures affecting our liquidity. The changes set forth in the table are discussed in greater detail below. This section should be read in conjunction with the financial statements and notes to financial statements included in Item 1 of this report.


	Three Months ended March 31,
	2020			2021
Net cash provided by operating activities	$	1,953,723		$	2,354,007
Net cash used in investing activities		(4,193,430	)		(666,768	)
Net cash provided by financing activities		2,070,737			33,763,934

Net increase (decrease) in cash and cash equivalents	$	(168,970)		$	35,451,173

Net Cash Provided By Operating Activities. Net cash provided by operating activities increased $0.4 million during the three months ended March 31, 2021, as compared to the three months ended March 31, 2020. Significant factors affecting the increase in net cash provided by operating activities included a $1.9 million decrease in cash paid for operating expenses, a $1.9 million decrease in interest payments, and a $0.9 million decrease in cash paid for corporate expenses, partially offset by a $3.1 million decrease in cash receipts from revenue, and a $1.3 million increase in income tax payments.

Net Cash Used In Investing Activities. Net cash used in investing activities during the three months ended March 31, 2021 included payments of $1.0 million for capital expenditures. Net cash used in investing activities for the same period in 2020 included payments of $3.4 million for capital expenditures and payments of $0.7 million for investments.

Net Cash Provided By Financing Activities. Net cash provided by financing activities during the three months ended March 31, 2021 included proceeds of $300.0 million from the issuance of secured notes and proceeds from the $10.0 million PPP loan, partially offset by credit facility and promissory note repayments of $263.5 million, repayment of the $5.0 million loan provided by George Beasley, and payments of $7.6 million for debt issuance costs related to the secured notes. Net cash provided by financing activities for the same period in 2020 included proceeds of $7.5 million from borrowings under our revolving credit facility partially offset by credit facility, and promissory note repayments of $4.0 million and payments of $1.4 million for cash dividends.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not required for smaller reporting companies.

ITEM 4. CONTROLS AND PROCEDURES.

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures pursuant to Exchange Act Rule 13a-15(b) as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that these disclosure controls and procedures are effective as of the end of the period covered by this report.

There were no changes in our internal control over financial reporting during the quarter ended March 31, 2021 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

We currently and from time to time are involved in litigation and are the subject of threats of litigation that are incidental to the conduct of our business. These include indecency claims and related proceedings at the FCC, as well as claims and threatened claims by private third parties. However, we are not a party to any lawsuit or other proceedings, or the subject of any threatened lawsuit or other proceedings, which, in the opinion of management, is likely to have a material adverse effect on our financial condition or results of operations.

ITEM 1A. RISK FACTORS.

The risk factors affecting our Company are described in Item 1A, “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2020. There have been no material changes to the risks affecting our Company during the first quarter of 2021.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

Repurchases of Equity Securities

The following table presents information with respect to purchases we made of our Class A common stock during the three months ended March 31, 2021.


Period	Total Number of Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Program		Approximate Dollar Value of Shares That May Yet Be Purchased Under the Program
January 1 – 31, 2021		5,000	$	2.07		—		—
February 1 – 28, 2021		—		—		—		—
March 1 – 31, 2021		37,883		2.74		—		—

Total		42,883

On March 27, 2007, our board of directors approved the Beasley Broadcast Group, Inc. 2007 Equity Incentive Award Plan (the “2007 Plan”). The original ten year term of the 2007 Plan ended on March 27, 2017. Our stockholders approved an amendment to the 2007 Plan at the Annual Meeting of Stockholders on June 8, 2017 to, among other things, extend the term of the 2007 Plan until March 27, 2027. The 2007 Plan permits us to purchase sufficient shares to fund withholding taxes in connection with the vesting of restricted stock units and shares of restricted stock. All shares purchased during the three months ended March 31, 2021 were purchased to fund withholding taxes in connection with the vesting of restricted stock units.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5. OTHER INFORMATION.

None.

ITEM 6. EXHIBITS.


Exhibit Number		Description

4.1		Indenture, dated as of February 2, 2021, by and among the Issuer, the guarantors named therein and Wilmington Trust, National Association, as trustee and collateral agent (including the form of Note) (incorporated by reference to Exhibit 4.1 to Beasley Broadcast Group, Inc.’s Current Report on Form 8-K filed February 2, 2021).

10.1		Promissory Note between Beasley Mezzanine Holdings, LLC and Synovus Bank dated March 1, 2021 (incorporated by reference to Exhibit 10.1 to Beasley Broadcast Group, Inc.’s Current Report on Form 8-K filed March 5, 2021).

31.1		Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) (17 CFR 240.15d-14(a)).

31.2		Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) (17 CFR 240.15d-14(a)).

32.1		Certification of Chief Executive Officer pursuant to Rule 13a-14(b)/15d-14(b) (17 CFR 240.15d-14(b)) and 18 U.S.C. Section 1350.

32.2		Certification of Chief Financial Officer pursuant to Rule 13a-14(b)/15d-14(b) (17 CFR 240.15d-14(b)) and 18 U.S.C. Section 1350.

101.INS		XBRL Instance Document.

101.SCH		XBRL Taxonomy Extension Schema Document.

101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


		BEASLEY BROADCAST GROUP, INC.

Dated: May 7, 2021		/s/ Caroline Beasley
		Name: Caroline Beasley
		Title: Chief Executive Officer (principal executive officer)

Dated: May 7, 2021		/s/ Marie Tedesco
		Name: Marie Tedesco
		Title: Chief Financial Officer (principal financial and accounting officer)

EX-31.1 2 d43816dex311.htm EX-31.1 EX-31.1

Exhibit 31.1

Certification of Chief Executive Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Caroline Beasley, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Beasley Broadcast Group, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Dated: May 7, 2021		/s/ Caroline Beasley
		Title: Chief Executive Officer

EX-31.2 3 d43816dex312.htm EX-31.2 EX-31.2

Exhibit 31.2

Certification of Chief Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Marie Tedesco, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Beasley Broadcast Group, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(a)

(b)

(c)

(d)

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Dated: May 7, 2021		/s/ Marie Tedesco
		Title: Chief Financial Officer

EX-32.1 4 d43816dex321.htm EX-32.1 EX-32.1

Exhibit 32.1

Certification of Chief Executive Officer

Pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Beasley Broadcast Group, Inc. (the “Company”) hereby certifies to such officer’s knowledge that:

(i) the accompanying Quarterly Report on Form 10-Q of the Company for the quarterly period ended March 31, 2021 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Dated: May 7, 2021		/s/ Caroline Beasley
		Caroline Beasley
		Chief Executive Officer

The foregoing certification is being furnished solely to accompany the Report pursuant to 18 U.S.C. § 1350, and is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

EX-32.2 5 d43816dex322.htm EX-32.2 EX-32.2

Exhibit 32.2

Certification of Chief Financial Officer

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Dated: May 7, 2021		/s/ Marie Tedesco
		Marie Tedesco
		Chief Financial Officer

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<div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(1) Interim Financial Statements </div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">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 <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">10-K</div> for the year ended December 31, 2020. 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 <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">10-Q</div> and Article 10 of Regulation <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">S-X.</div> 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. </div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 2020, the financial statements included the accounts of the Company and its wholly owned subsidiaries and its investments in OutlawsXP, Inc. (“Outlaws”) and Renegades Holdings, Inc. (“Renegades”). The Company held an approximately 90% economic interest in Outlaws and an approximately 51% economic interest in Renegades as of December 31, 2020. Renegades held an approximately 10% economic interest in Outlaws as of December 31, 2020. On March 12, 2021, the Company entered into an agreement to exchange its ownership interest in Renegades for the interest held by Renegades in Outlaws. As a result of the exchange, Outlaws is now a wholly owned subsidiary of the Company and the Company no longer holds an economic interest in Renegades therefore the accounts of Renegades are no longer consolidated in the Company’s financial statements subsequent to the date of the exchange. Also, as a result of the exchange, the Company recorded a loss of approximately $3,000 attributable to the difference between the estimated fair value of the economic interest held by Renegades in Outlaws and the carrying amount of the Company’s ownership interest in Renegades in the first quarter of 2021. The Company used a discounted cash flow model with annual revenue growth rates ranging from 5% to 57%, operating margins ranging from (27)% to 67%, and a discount rate of 13.5% to determine the loss. </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">The <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> pandemic continues to create significant uncertainty and disruption in the global economy and financial markets. It is reasonably possible that these uncertainties could materially impact the Company’s significant accounting estimates related to, but not limited to, allowance for doubtful accounts, impairment of FCC licenses and goodwill, and determination of <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">right-of-use</div></div> assets. As a result, many of the Company’s estimates and assumptions require increased judgment and carry a higher degree of variability and volatility. The Company’s estimates may change as new events occur and additional information emerges, and such changes are recognized or disclosed in its consolidated financial statements. </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

0.10

3000

0.05 0.57 0.67 0.135 <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(2) FCC Licenses </div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Licenses are tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the Company’s licenses might be impaired. The Company assesses qualitative factors to determine whether it is more likely than not that its licenses are impaired. If the Company determines it is more likely than not that its licenses are impaired, then the Company is required to perform a quantitative impairment test. The quantitative impairment test compares the fair value of the Company’s licenses with their carrying amounts. If the carrying amounts of the licenses exceed their fair value, an impairment loss is recognized in an amount equal to that excess. For the purpose of testing its licenses for impairment, the Company combines its licenses into reporting units based on its radio market clusters. </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company did not identify any triggering events for impairment during the first quarter of 2021. </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">Due to the impact of the <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> pandemic on the U.S. economy, the Company tested its FCC licenses for impairment during the first quarter of 2020. As a result of the quantitative impairment test, the Company recorded impairment losses of $6.8 million related to the FCC licenses in its Atlanta, GA, Las Vegas, NV, Middlesex-Monmouth-Morristown, NJ, West Palm Beach-Boca Raton, FL, and Wilmington, DE radio market clusters. The impairment losses were primarily due to a decrease in projected revenue in these markets due to the impact of the <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> pandemic and an increase in the discount rate used in the discounted cash flow analyses to estimate the fair value of the FCC licenses due to certain risks specifically associated with the Company and the radio broadcasting industry. The fair values were estimated using an income approach. The income approach is based upon discounted cash flow analyses incorporating variables, such as projected radio market revenues, projected growth rate for radio market revenues, projected radio market revenue shares, projected radio station operating income margins, and a discount rate appropriate for the radio broadcasting industry. The key assumptions used in the discounted cash flow analyses are as follows: </div><div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"><div style="font-size: 1px; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:68%;"><tr style="font-size: 0px;"><td style="font-family: "times new roman";;width:92%;"></td><td style="font-family: "times new roman";;vertical-align:bottom;;width:7%;"></td><td style="font-family: "times new roman";"></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Revenue growth rates</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;">(14.1)% - 7.9%</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Market revenue shares at maturity</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;">0.6% - 39.0%</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Operating income margins at maturity</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;">26.5% - 35.4%</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Discount rate</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;">9.5%</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">On February 3, 2021, the Company completed the sale of <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">WHSR-AM</div> in West Palm Beach-Boca Raton, FL to a third party for $0.4 million. The sale included an FCC translator license with a carrying amount of $0.1 million. </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">The key assumptions used in the discounted cash flow analyses are as follows:</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:68%;"><tr style="font-size: 0px;"><td style="font-family: "times new roman";;width:92%;"></td><td style="font-family: "times new roman";;vertical-align:bottom;;width:7%;"></td><td style="font-family: "times new roman";"></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Revenue growth rates</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;">(14.1)% - 7.9%</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Market revenue shares at maturity</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;">0.6% - 39.0%</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Operating income margins at maturity</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;">26.5% - 35.4%</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Discount rate</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;">9.5%</td></tr></table></div>

400000

100000

<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(3) Long-Term Debt </div></div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Long-term debt is comprised of the following: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:76%;"><tr style="font-size: 0px;"><td style="width:69%;"></td><td style="vertical-align:bottom;;width:8%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:7%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">December 31,</div></td><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">March 31,</div></td><td style="vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2021</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Secured notes</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">300,000,000</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">PPP loan</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">10,000,000</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Credit facility - term loan</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">238,000,000</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Credit facility - revolving credit facility</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">20,000,000</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Promissory note</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">5,500,000</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;">263,500,000</td><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;">310,000,000</td><td style="vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Less unamortized debt issuance costs</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(5,154,620</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(7,350,741</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">$258,345,380</div></td><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">$302,649,259</div></td><td style="vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">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, commencing on August 1, 2021. 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 Company used the net proceeds from the Notes, to repay the credit facility, the promissory note, and a loan from Mr. George Beasley (see Note 9) and to pay related accrued interest, fees and expenses. 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. </div> <div style="color: rgb(0, 0, 0); font-family: "times new roman"; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 4%; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">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 connection with the issuance of the Notes and the repayment of the credit facility, the Company recorded a loss on extinguishment of long-term debt of $5.0 million during the first quarter of 2021.</div> <div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">On March 1, 2021, the Company entered into a loan with Synovus Bank for $10.0 million pursuant to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The loan bears interest at a rate of 1.0% per annum and matures on March 1, 2026. Principal and interest payments will be deferred, with interest accruing, until after the period in which the Company may apply for loan forgiveness pursuant to the PPP. After the deferral period, the Company will make monthly principal and interest payments, amortized over the remaining term of the loan. The loan may be prepaid at any time prior to maturity with no prepayment penalties. The loan contains customary events of default relating to, among other things, payment defaults or breaches of the terms of the promissory note. Upon the occurrence of an event of default, Synovus Bank may require immediate repayment of all amounts outstanding under the promissory note. Under the terms of the CARES Act, the Company can apply for and be granted forgiveness for all or a portion of the loan granted under the PPP. The loan is subject to forgiveness to the extent proceeds are used for certain qualifying expenses pursuant to the terms and limitations of the PPP. The Company intends to use the loan for qualifying expenses. However, no assurance can be provided that the Company will apply for or obtain forgiveness of the loan in whole or in part. </div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">As of December 31, 2020, the credit facility consisted of a term loan facility with a remaining balance of $238.0 million and a revolving credit facility with an outstanding balance of $20.0 million and a maximum commitment of $20.0 million. The revolving credit facility carried interest, based on LIBOR, at 4.4% as of December 31, 2020. The term loan carried interest, based on LIBOR, at 5.25% as of December 31, 2020. As noted above, the credit facility was repaid on February 2, 2021, using a portion of the proceeds from the Notes offering. </div></div> <div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"><div style="font-size: 1px; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">On November 14, 2019, the Company acquired a majority interest in an esports team and issued a promissory note for $16.5 million to the seller. On June 30, 2020, the Company entered into an amendment to the promissory note applicable to the remaining balance. As amended, the promissory note bore <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">cash-pay</div> interest at 5% per annum payable quarterly in arrears and additional <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">payment-in-kind</div></div> interest at 10% per annum. The promissory note had a remaining balance of $5.5 million as of December 31, 2020. As noted above, the amended promissory note was repaid on February 2, 2021, using a portion of the proceeds from the Notes offering. </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Long-term debt is comprised of the following: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:76%;"><tr style="font-size: 0px;"><td style="width:69%;"></td><td style="vertical-align:bottom;;width:8%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:7%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">December 31,</div></td><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">March 31,</div></td><td style="vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2021</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Secured notes</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">300,000,000</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">PPP loan</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">10,000,000</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Credit facility - term loan</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">238,000,000</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Credit facility - revolving credit facility</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">20,000,000</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Promissory note</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">5,500,000</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;">263,500,000</td><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;">310,000,000</td><td style="vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Less unamortized debt issuance costs</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(5,154,620</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(7,350,741</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">$258,345,380</div></td><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">$302,649,259</div></td><td style="vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr></table> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The changes in stockholders’ equity for the three months ended March 31, 2020 and 2021 are as follows: </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:76%;"><tr style="font-size: 0px;"><td style="width:69%;"></td><td style="vertical-align:bottom;;width:4%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:3%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Three months ended March 31,</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2021</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Beginning balance</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">284,471,958</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">267,101,820</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Stock-based compensation</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">266,439</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">520,801</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Acquisition of noncontrolling interest</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(4,490,130</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Purchase of treasury stock</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">(15,875</td><td style="white-space: nowrap;;vertical-align:bottom;">) </td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">(784,902</td><td style="white-space: nowrap;;vertical-align:bottom;">) </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Net loss</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(8,946,163</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(10,684,641</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Elimination of noncontrolling interest</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">1,076,849</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Cash dividends</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(1,398,321</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Ending balance</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;">$</td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">274,378,038</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;">$</td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">252,739,797</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 8pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:76%;"><tr style="font-size: 0px;"><td style="width:74%;"></td><td style="vertical-align:bottom;;width:4%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:4%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">December 31,<br/>2020</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">March 31,<br/>2021</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Deferred revenue</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">3,732,890</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">3,873,046</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 8pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:76%;"><tr style="font-size: 0px;"><td style="width:75%;"></td><td style="vertical-align:bottom;;width:4%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:4%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Three months ended March 31,</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2021</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Losses on receivables</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">834,925</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">1,095,313</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:76%;"><tr style="font-size: 0px;"><td style="width:76%;"></td><td style="vertical-align:bottom;;width:4%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:4%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">December 31,<br/>2020</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">March 31,<br/>2021</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Trade sales receivable</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">956,999</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">773,667</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Trade sales payable</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">892,543</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">810,967</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 8pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:76%;"><tr style="font-size: 0px;"><td style="width:75%;"></td><td style="vertical-align:bottom;;width:4%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:4%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Three months ended March 31,</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2021</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Trade sales revenue</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">1,968,260</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">929,597</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">A summary of restricted stock unit activity is presented below: </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:76%;"><tr style="font-size: 0px;"><td style="width:78%;"></td><td style="vertical-align:bottom;;width:5%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:4%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Units</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Weighted-</div></div><br/><div style="font-weight:bold;display:inline;">Average<br/><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Grant-Date</div></div><br/><div style="font-weight:bold;display:inline;">Fair Value</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Unvested as of January 1, 2021</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">453,501</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">4.11</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Granted</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">135,039</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">2.72</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Vested</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(173,372</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">2.82</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Forfeited</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;">  </td><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="font-family: "times new roman";;vertical-align:bottom;"></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Unvested as of March 31, 2021</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">415,168</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">3.79</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;">  </td><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="font-family: "times new roman";;vertical-align:bottom;"></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">A summary of restricted stock activity is presented below: </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:76%;"><tr style="font-size: 0px;"><td style="width:81%;"></td><td style="vertical-align:bottom;;width:4%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:4%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Shares</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Weighted-</div></div><br/><div style="font-weight:bold;display:inline;">Average<br/>Grant-<br/>Date Fair<br/>Value</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Unvested as of January 1, 2021</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">12,500</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">4.84</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Vested</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Forfeited</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;">  </td><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="font-family: "times new roman";;vertical-align:bottom;"></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Unvested as of March 31, 2021</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">12,500</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;">$</td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">4.84</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;">  </td><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="font-family: "times new roman";;vertical-align:bottom;"></td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Net loss per share calculation information is as follows: </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:76%;"><tr style="font-size: 0px;"><td style="width:71%;"></td><td style="vertical-align:bottom;;width:4%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:3%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Three months ended March 31,</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2021</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Net loss attributable to BBGI stockholders</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(8,836,561</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(10,555,392</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Weighted-average shares outstanding:</div></div></td><td style="vertical-align:bottom;">  </td><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="vertical-align:bottom;">  </td><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="font-family: "times new roman";;vertical-align:bottom;"></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Basic weighted shares outstanding</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">27,947,577</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">29,302,799</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Effect of dilutive restricted stock units and restricted stock</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Diluted</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">27,947,577</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">29,302,799</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Net loss per Class A and Class B common share – basic and diluted</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;">$</td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">(0.32</td><td style="white-space: nowrap;;vertical-align:bottom;">) </td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;">$</td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">(0.36</td><td style="white-space: nowrap;;vertical-align:bottom;">) </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(11)</div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Segment Information </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">Effective January 1, 2021, the Company created a digital division that generates revenue primarily from the sale of digital advertising to customers of the Company’s radio stations and other advertisers throughout the United States. All digital operations are the responsibility of the Company’s Chief Digital Officer who reports to the Company’s Chief Executive Officer (the Company’s chief operating decision maker). As a result, the Company has identified two reportable segments, Audio and Digital. The Audio segment generates revenue primarily from the sale of commercial advertising to customers of the Company’s radio stations in the following radio markets: Atlanta, GA, Augusta, GA, Boston, MA, Charlotte, NC, Detroit, MI, Fayetteville, NC, Fort Myers-Naples, FL, Las Vegas, NV, Middlesex, NJ, Monmouth, NJ, Morristown, NJ, Philadelphia, PA, Tampa-Saint Petersburg, FL, West Palm Beach-Boca Raton, FL, and Wilmington, DE. Corporate includes general and administrative expenses and certain other income and expense items not allocated to the operating segments. <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Non-operating</div> corporate items including interest expense and income taxes, are reported in the accompanying condensed consolidated statements of comprehensive loss. The identification of segments is consistent with how the segments report to and are managed by the Company’s chief operating decision maker. </div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Reportable segment information for the three months ended March 31, 2021 is as follows: </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:53%;"></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Audio</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Digital</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Other</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Corporate</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Total</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Net revenue</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">41,729,602</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">5,763,728</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">718,710</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">48,212,040</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Operating expenses</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">34,735,469</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;"> </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">7,257,915</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;"> </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">974,487</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;"> </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;"> </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">42,967,871</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Corporate expenses</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">3,905,289</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">3,905,289</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Other operating expenses</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">500,000</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;"> </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;"> </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;"> </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">600,000</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;"> </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">1,100,000</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Depreciation and amortization</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">2,004,377</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">811,903</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">135,621</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">2,951,901</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Gain on disposition</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">(191,988</td><td style="white-space: nowrap;;vertical-align:bottom;">) </td><td style="vertical-align:bottom;"> </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;"> </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;"> </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;"> </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">(191,988</td><td style="white-space: nowrap;;vertical-align:bottom;">) </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Operating income (loss)</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">4,681,744</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(1,494,187</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(1,067,680</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(4,640,910</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(2,521,033</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:55%;"></td><td style="vertical-align:bottom;;width:3%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:3%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:3%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:3%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:3%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Audio</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Digital</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Other</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Corporate</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Total</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Capital expenditures</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">712,945</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">2,852</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">313,471</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">1,029,268</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Property and equipment, net</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">47,515,545</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">24,041</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">4,864,034</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">52,403,620</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">FCC licenses</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">508,413,913</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">508,413,913</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Goodwill</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">25,377,447</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">3,219,100</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">28,596,547</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Other intangibles, net</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">2,082,130</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">22,787,080</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">179,663</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">25,048,873</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:53%;"></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Audio</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Digital</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Other</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Corporate</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Total</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Net revenue</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">41,729,602</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">5,763,728</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">718,710</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">48,212,040</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Operating expenses</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">34,735,469</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;"> </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">7,257,915</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;"> </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">974,487</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;"> </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;"> </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">42,967,871</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Corporate expenses</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">3,905,289</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">3,905,289</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Other operating expenses</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">500,000</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;"> </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;"> </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;"> </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">600,000</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;"> </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">1,100,000</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Depreciation and amortization</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">2,004,377</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">811,903</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">135,621</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">2,951,901</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Gain on disposition</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">(191,988</td><td style="white-space: nowrap;;vertical-align:bottom;">) </td><td style="vertical-align:bottom;"> </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;"> </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;"> </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;"> </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">(191,988</td><td style="white-space: nowrap;;vertical-align:bottom;">) </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Operating income (loss)</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">4,681,744</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(1,494,187</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(1,067,680</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(4,640,910</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(2,521,033</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:55%;"></td><td style="vertical-align:bottom;;width:3%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:3%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:3%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:3%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:3%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Audio</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Digital</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Other</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Corporate</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Total</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Capital expenditures</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">712,945</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">2,852</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">313,471</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">1,029,268</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Property and equipment, net</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">47,515,545</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">24,041</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">4,864,034</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">52,403,620</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">FCC licenses</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">508,413,913</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">508,413,913</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Goodwill</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">25,377,447</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">3,219,100</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">28,596,547</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Other intangibles, net</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">2,082,130</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">22,787,080</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">179,663</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">25,048,873</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

5500000

0.27 16662743 BEASLEY BROADCAST GROUP INC iso4217:USD xbrli:shares xbrli:pure iso4217:USD xbrli:shares

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Company Entity Filer Category Entity Small Business Entity Emerging Growth Company Title of 12(b) Security Statement of Financial Position [Abstract] Statement [Table] Statement [Table] Statement [Line Items] Statement [Line Items] Assets [Abstract] ASSETS Assets Total assets Assets, Current [Abstract] Current assets: Assets, Current Total current assets Accounts Receivable, Net, Current Accounts receivable, less allowance for doubtful accounts of $5,033,035 in 2020 and $2,465,557 in 2021 Cash and Cash Equivalents, at Carrying Value Cash and cash equivalents Other Assets, Current Other current assets Prepaid Expense, Current Prepaid expenses Other Assets, Noncurrent Other assets Other Intangible Assets, Net Other intangibles, net Goodwill Goodwill Finance Lease, Right-of-Use Asset Finance lease right-of-use assets Property, Plant and Equipment, Net Property and equipment, net Operating Lease, Right-of-Use Asset Operating lease right-of-use assets Indefinite-Lived License Agreements FCC licenses FCC licenses Liabilities and Equity [Abstract] LIABILITIES AND STOCKHOLDERS' EQUITY Due to Related Parties, Noncurrent Due to related parties Commitments and Contingencies Commitments and contingencies Liabilities, Current [Abstract] Current liabilities: Accounts Payable, Current Accounts payable Liabilities, Current Total current liabilities Other Liabilities, Current Other current liabilities Operating Lease, Liability, Current Operating lease liabilities Finance Lease, Liability, Current Finance lease liabilities Other Liabilities, Noncurrent Other long-term liabilities Deferred Income Tax Liabilities, Net Deferred tax liabilities Liabilities Total liabilities Liabilities and Equity Total liabilities and equity Stockholders' Equity Attributable to Parent [Abstract] Stockholders' equity: Additional Paid in Capital, Common Stock Additional paid-in capital Accumulated Other Comprehensive Income (Loss), Net of Tax Accumulated other comprehensive loss Preferred Stock, Value, 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Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property Gain on dispositions General and Administrative Expense Corporate expenses (including stock-based compensation of $136,319 in 2020 and $449,870 in 2021) Corporate expenses Other Cost and Expense, Operating Other operating expenses Operating Costs and Expenses Operating expenses (including stock-based compensation of $130,120 in 2020 and $70,931 in 2021 and excluding depreciation and amortization shown separately below) Operating expenses Asset Impairment Charges Impairment losses Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Loss before income taxes Income Tax Expense (Benefit) Income tax benefit Nonoperating Income (Expense) [Abstract] Non-operating income (expense): Gain (Loss) on Extinguishment of Debt Loss on extinguishment of long-term debt Loss on extinguishment of long-term debt Other Nonoperating Income (Expense) Other income (expense), net Interest Expense Interest expense Operating Income (Loss) Operating loss Revenue from Contract with Customer, Excluding Assessed Tax Net revenue Net revenue Weighted Average Number of Shares Outstanding, Diluted [Abstract] Weighted average shares outstanding: Weighted Average Number of Shares Outstanding, Diluted Diluted Diluted Weighted Average Number of Shares Outstanding, Basic Basic Basic weighted shares outstanding Net Income (Loss) Attributable to Parent Net loss Net loss Net loss Income Loss Before Equity In Earnings Of Unconsolidated Affiliates Loss before equity in earnings of unconsolidated affiliates Income (loss) before equity in earnings of unconsolidated affiliates. Net Income Loss Attributable to BBGI Stockholders Net loss attributable to BBGI stockholders Net loss attributable to BBGI stockholders Net income loss attributable to BBGI stockholders Equity In Earnings Of Un consolidated Affiliates Net Of Tax Equity in earnings of unconsolidated affiliates, net of tax Equity in earnings of unconsolidated affiliates Equity In Earnings Of Un consolidated Affiliates Net Of Tax. Earnings Attributable To Non controlling Interest Earnings attributable to noncontrolling interest Earnings attributable to noncontrolling interest. Share-based Compensation Stock-based compensation Income Statement Location [Axis] Income Statement Location [Axis] Income Statement Location [Domain] Income Statement Location [Domain] General and Administrative Expense [Member] Corporate General and Administrative Expenses [Member] Selling and Marketing Expense [Member] Station Operating Expenses [Member] Statement of Cash Flows [Abstract] Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect Net increase (decrease) in cash and cash equivalents Income Taxes Paid, Net Cash paid for income taxes Interest Paid, Excluding Capitalized Interest, Operating Activities Cash paid for interest Net Cash Provided by (Used in) Financing Activities [Abstract] Cash flows from financing activities: Net Cash Provided by (Used in) Financing Activities Net cash provided by financing activities Payments of Ordinary Dividends, Common Stock Dividends paid Payments of Debt Issuance Costs Payments of debt issuance costs Payments for Repurchase of Common Stock Purchase of treasury stock Proceeds from Issuance of Debt Issuance of debt Repayments of Long-term Debt Payments on debt Finance Lease, Principal Payments Reduction of finance lease liabilities Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] Supplement disclosure of non-cash investing and financing activities: Dividends Payable Dividends declared but unpaid Noncontrolling Interest, Increase from Business Combination Acquisition of noncontrolling interest Acquisition of noncontrolling interest Extinguishment Of Trade Sales Payable Non Cash Transaction Extinguishment of trade sales payable Extinguishment of trade sales payable non cash transaction. Stock Issued During Period Value Returned To Treasury Stock Class A common stock returned to treasury stock Stock issued during period value returned to treasury stock. Net Cash Provided by (Used in) Operating Activities [Abstract] Cash flows from operating activities: Net Cash Provided by (Used in) Operating Activities Net cash provided by operating activities Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile net loss to net cash provided by operating activities: Amortization of Debt Issuance Costs Amortization of loan fees Deferred Income Tax Expense (Benefit) Deferred income taxes Provision for Doubtful Accounts Provision for bad debts Increase (Decrease) in Operating Capital [Abstract] Change in operating assets and liabilities: Increase (Decrease) in Other Operating Assets and Liabilities, Net Other operating activities Increase (Decrease) in Accounts Payable Accounts payable Increase (Decrease) in Accounts Receivable Accounts receivable Increase (Decrease) in Other Accrued Liabilities Other liabilities Increase (Decrease) in Other Operating Assets Other assets Increase (Decrease) in Prepaid Expense Prepaid expenses Net Cash Provided by (Used in) Investing Activities [Abstract] Cash flows from investing activities: Net Cash Provided by (Used in) Investing Activities Net cash used in investing activities Payments to Acquire Investments Payments for investments Proceeds from Sale of Property, Plant, and Equipment Proceeds from dispositions Proceeds from sale of assets Payments to Acquire Property, Plant, and Equipment Capital expenditures Capital expenditures Retirement Plan Type [Axis] Retirement Plan Type [Domain] Organization, Consolidation and Presentation of Financial Statements [Abstract] Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] Interim Financial Statements Text Block [Abstract] Broadcasting Licenses [Text Block] FCC Licenses The entire disclosure for FCC broadcasting licenses. Debt Disclosure [Abstract] Long-term Debt [Text Block] Long-Term Debt Equity [Abstract] Stockholders' Equity [Abstract] Stockholders' Equity Note Disclosure [Text Block] Stockholders' Equity Revenue from Contract with Customer [Abstract] Revenue from Contract with Customer [Text Block] Revenue Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Disclosure of Compensation Related Costs, Share-based Payments [Text Block] Stock-Based Compensation Income Tax Disclosure [Abstract] Income Tax Disclosure [Text Block] Income Taxes Earnings Per Share [Abstract] Earnings Per Share [Text Block] Earnings Per Share Related Party Transactions [Abstract] Related Party Transactions Disclosure [Text Block] Related Party Transactions Investments, All Other Investments [Abstract] Financial Instruments Disclosure [Text Block] Financial Instruments Segment Reporting [Abstract] Segment Reporting Disclosure [Text Block] Segment Information Schedule of Discounted Cash Flow Analyses [Table Text Block] Discounted Cash Flow Analyses Schedule of Discounted Cash Flow Analyses. 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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2021	Apr. 30, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Registrant Name	BEASLEY BROADCAST GROUP INC
Security Exchange Name	NASDAQ
Entity Central Index Key	0001099160
Title of 12(b) Security	Common Stock
Current Fiscal Year End Date	--12-31
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Address, State or Province	FL
Trading Symbol	BBGI
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Class A Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,579,767
Class B Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		16,662,743

XML 13 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 56,210,605	$ 20,759,432
Accounts receivable, less allowance for doubtful accounts of $5,033,035 in 2020 and $2,465,557 in 2021	36,687,353	47,395,423
Prepaid expenses	3,886,625	2,486,860
Other current assets	5,078,636	6,883,554
Total current assets	101,863,219	77,525,269
Property and equipment, net	52,403,620	53,667,550
Operating lease right-of-use assets	39,604,094	34,419,663
Finance lease right-of-use assets	330,000	333,333
FCC licenses	508,413,913	508,558,355
Goodwill	28,596,547	28,596,547
Other intangibles, net	25,048,873	25,859,192
Other assets	5,838,286	9,654,447
Total assets	762,098,552	738,614,356
Current liabilities:
Accounts payable	6,580,532	12,395,407
Operating lease liabilities	8,175,982	7,006,194
Finance lease liabilities	54,573	70,171
Other current liabilities	22,835,831	20,988,441
Total current liabilities	37,646,918	40,460,213
Due to related parties	444,727	5,621,364
Long-term debt, net of unamortized debt issuance costs	302,649,259	258,345,380
Operating lease liabilities	33,742,132	29,632,908
Finance lease liabilities	0	1,945
Deferred tax liabilities	118,341,711	120,913,983
Other long-term liabilities	16,534,008	16,536,743
Total liabilities	509,358,755	471,512,536
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued
Additional paid-in capital	150,035,463	154,004,965
Treasury stock, Class A common stock; 3,253,691 shares in 2020; 3,531,870 shares in 2021	(28,972,759)	(28,187,857)
Retained earnings	133,070,947	143,304,213
Accumulated other comprehensive loss	(1,426,619)	(1,426,619)
Total stockholders' equity	252,739,797	267,727,294
Noncontrolling interests	0	(625,474)
Total equity	252,739,797	267,101,820
Total liabilities and equity	762,098,552	738,614,356
Class A Common Stock [Member]
Stockholders' equity:
Common stock	16,103	15,930
Class B Common Stock [Member]
Stockholders' equity:
Common stock	$ 16,662	$ 16,662

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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Allowance for doubtful accounts	$ 2,465,557	$ 5,033,035
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	3,531,870	3,253,691
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	16,104,137	15,930,765
Common stock, shares outstanding	12,572,267	12,677,074
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

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Condensed Consolidated Statements of Comprehensive Loss - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Net revenue	$ 48,212,040	$ 57,650,426
Operating expenses:
Operating expenses (including stock-based compensation of $130,120 in 2020 and $70,931 in 2021 and excluding depreciation and amortization shown separately below)	42,967,871	50,900,477
Corporate expenses (including stock-based compensation of $136,319 in 2020 and $449,870 in 2021)	3,905,289	4,513,092
Other operating expenses	1,100,000
Depreciation and amortization	2,951,901	2,576,475
Impairment losses	0	6,804,412
Gain on dispositions	(191,988)	0
Total operating expenses	50,733,073	64,794,456
Operating loss	(2,521,033)	(7,144,030)
Non-operating income (expense):
Interest expense	(5,778,071)	(4,184,811)
Loss on extinguishment of long-term debt	(4,996,731)
Other income (expense), net	38,413	26,425
Loss before income taxes	(13,257,422)	(11,302,416)
Income tax benefit	(2,602,886)	(2,417,780)
Loss before equity in earnings of unconsolidated affiliates	(10,654,536)	(8,884,636)
Equity in earnings of unconsolidated affiliates, net of tax	(30,105)	(61,527)
Net loss	(10,684,641)	(8,946,163)
Earnings attributable to noncontrolling interest	129,249	109,602
Net loss attributable to BBGI stockholders	$ (10,555,392)	$ (8,836,561)
Net loss attributable to BBGI stockholders per Class A and Class B common share:
Basic and diluted	$ (0.36)	$ (0.32)
Dividends declared per common share	$ 0	$ 0.05
Weighted average shares outstanding:
Basic	29,302,799	27,947,577
Diluted	29,302,799	27,947,577

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Condensed Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stock-based compensation	$ 520,801	$ 266,439
Station Operating Expenses [Member]
Stock-based compensation	70,931	130,120
Corporate General and Administrative Expenses [Member]
Stock-based compensation	$ 449,870	$ 136,319

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Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net loss	$ (10,684,641)	$ (8,946,163)
Adjustments to reconcile net loss to net cash provided by operating activities:
Stock-based compensation	520,801	266,439
Provision for bad debts	(1,472,165)	1,013,038
Depreciation and amortization	2,951,901	2,576,475
Impairment losses	0	6,804,412
Gain on dispositions	(191,988)	0
Amortization of loan fees	411,363	483,983
Loss on extinguishment of long-term debt	4,996,731
Deferred income taxes	(2,602,886)	(2,417,780)
Equity in earnings of unconsolidated affiliates	30,105	61,527
Change in operating assets and liabilities:
Accounts receivable	12,180,235	6,870,703
Prepaid expenses	(1,399,765)	(1,148,083)
Other assets	1,286,882	(854,721)
Accounts payable	(5,814,875)	1,481,571
Other liabilities	1,870,041	(3,968,917)
Other operating activities	272,268	(268,761)
Net cash provided by operating activities	2,354,007	1,953,723
Cash flows from investing activities:
Capital expenditures	(1,029,268)	(3,443,430)
Proceeds from dispositions	362,500
Payments for investments		(750,000)
Net cash used in investing activities	(666,768)	(4,193,430)
Cash flows from financing activities:
Issuance of debt	310,000,000	7,500,000
Payments on debt	(268,500,000)	(4,000,000)
Payments of debt issuance costs	(7,604,215)
Reduction of finance lease liabilities	(17,543)	(16,205)
Dividends paid		(1,397,183)
Purchase of treasury stock	(114,308)	(15,875)
Net cash provided by financing activities	33,763,934	2,070,737
Net increase (decrease) in cash and cash equivalents	35,451,173	(168,970)
Cash and cash equivalents at beginning of period	20,759,432	18,648,171
Cash and cash equivalents at end of period	56,210,605	18,479,201
Cash paid for interest	1,836,787	3,777,582
Cash paid for income taxes	1,374,403	115,400
Supplement disclosure of non-cash investing and financing activities:
Acquisition of noncontrolling interest	4,490,130
Extinguishment of trade sales payable	934,500
Class A common stock returned to treasury stock	$ 670,594
Dividends declared but unpaid		$ 1,398,321

XML 18 R7.htm IDEA: XBRL DOCUMENT

Interim Financial Statements

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Interim Financial Statements

(1) Interim Financial Statements

10-K

for the year ended December 31, 2020. 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.

The

COVID-19

pandemic continues to create significant uncertainty and disruption in the global economy and financial markets. It is reasonably possible that these uncertainties could materially impact the Company’s significant accounting estimates related to, but not limited to, allowance for doubtful accounts, impairment of FCC licenses and goodwill, and determination of

right-of-use

assets. As a result, many of the Company’s estimates and assumptions require increased judgment and carry a higher degree of variability and volatility. The Company’s estimates may change as new events occur and additional information emerges, and such changes are recognized or disclosed in its consolidated financial statements.

XML 19 R8.htm IDEA: XBRL DOCUMENT

FCC Licenses

3 Months Ended

Mar. 31, 2021

Text Block [Abstract]

FCC Licenses

(2) FCC Licenses

The Company did not identify any triggering events for impairment during the first quarter of 2021.

Due to the impact of the

COVID-19

pandemic on the U.S. economy, the Company tested its FCC licenses for impairment during the first quarter of 2020. As a result of the quantitative impairment test, the Company recorded impairment losses of $6.8 million related to the FCC licenses in its Atlanta, GA, Las Vegas, NV, Middlesex-Monmouth-Morristown, NJ, West Palm Beach-Boca Raton, FL, and Wilmington, DE radio market clusters. The impairment losses were primarily due to a decrease in projected revenue in these markets due to the impact of the

COVID-19

pandemic and an increase in the discount rate used in the discounted cash flow analyses to estimate the fair value of the FCC licenses due to certain risks specifically associated with the Company and the radio broadcasting industry. The fair values were estimated using an income approach. The income approach is based upon discounted cash flow analyses incorporating variables, such as projected radio market revenues, projected growth rate for radio market revenues, projected radio market revenue shares, projected radio station operating income margins, and a discount rate appropriate for the radio broadcasting industry. The key assumptions used in the discounted cash flow analyses are as follows:


Revenue growth rates		(14.1)% - 7.9%
Market revenue shares at maturity		0.6% - 39.0%
Operating income margins at maturity		26.5% - 35.4%
Discount rate		9.5%

On February 3, 2021, the Company completed the sale of

WHSR-AM

in West Palm Beach-Boca Raton, FL to a third party for $0.4 million. The sale included an FCC translator license with a carrying amount of $0.1 million.

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Long-Term Debt

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Long-Term Debt

(3) Long-Term Debt

Long-term debt is comprised of the following:


	December 31,			March 31,
	2020			2021
Secured notes	$	—		$	300,000,000
PPP loan		—			10,000,000
Credit facility - term loan		238,000,000			—
Credit facility - revolving credit facility		20,000,000			—
Promissory note		5,500,000			—

	263,500,000			310,000,000
Less unamortized debt issuance costs		(5,154,620	)		(7,350,741	)

	$258,345,380			$302,649,259

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 connection with the issuance of the Notes and the repayment of the credit facility, the Company recorded a loss on extinguishment of long-term debt of $5.0 million during the first quarter of 2021.

cash-pay

interest at 5% per annum payable quarterly in arrears and additional

payment-in-kind

interest at 10% per annum. The promissory note had a remaining balance of $5.5 million as of December 31, 2020. As noted above, the amended promissory note was repaid on February 2, 2021, using a portion of the proceeds from the Notes offering.

XML 21 R10.htm IDEA: XBRL DOCUMENT

Stockholders' Equity

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Stockholders' Equity

(4)	Stockholders’ Equity

The changes in stockholders’ equity for the three months ended March 31, 2020 and 2021 are as follows:


	Three months ended March 31,
	2020			2021
Beginning balance	$	284,471,958		$	267,101,820
Stock-based compensation		266,439			520,801
Acquisition of noncontrolling interest		—			(4,490,130	)
Purchase of treasury stock		(15,875	)		(784,902	)
Net loss		(8,946,163	)		(10,684,641	)
Elimination of noncontrolling interest		—			1,076,849
Cash dividends		(1,398,321	)		—

Ending balance	$	274,378,038		$	252,739,797

XML 22 R11.htm IDEA: XBRL DOCUMENT

Revenue

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue

(5)

Revenue

Revenue is comprised of the following:


	Three months ended March 31,
	2020		2021
Audio	$	50,912,978	$	41,729,602
Digital		5,284,025		5,763,728
Other		1,453,423		718,710

	$	57,650,426	$	48,212,040


	December 31, 2020		March 31, 2021
Deferred revenue	$	3,732,890	$	3,873,046


	Three months ended March 31,
	2020		2021
Losses on receivables	$	834,925	$	1,095,313


	December 31, 2020		March 31, 2021
Trade sales receivable	$	956,999	$	773,667
Trade sales payable		892,543		810,967


	Three months ended March 31,
	2020		2021
Trade sales revenue	$	1,968,260	$	929,597

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

XML 23 R12.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation

3 Months Ended

Mar. 31, 2021

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

(6)	Stock-Based Compensation

A summary of restricted stock unit activity is presented below:


	Units			Weighted- Average Grant-Date Fair Value
Unvested as of January 1, 2021		453,501		$	4.11
Granted		135,039			2.72
Vested		(173,372	)		2.82
Forfeited		—			—

Unvested as of March 31, 2021		415,168		$	3.79

A summary of restricted stock activity is presented below:


	Shares		Weighted- Average Grant- Date Fair Value
Unvested as of January 1, 2021		12,500	$	4.84
Vested		—		—
Forfeited		—		—

Unvested as of March 31, 2021		12,500	$	4.84

XML 24 R13.htm IDEA: XBRL DOCUMENT

Income Taxes

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

(7)	Income Taxes

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

XML 25 R14.htm IDEA: XBRL DOCUMENT

Earnings Per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

(8)	Earnings Per Share

Net loss per share calculation information is as follows:


	Three months ended March 31,
	2020			2021
Net loss attributable to BBGI stockholders	$	(8,836,561	)	$	(10,555,392	)

Weighted-average shares outstanding:
Basic weighted shares outstanding		27,947,577			29,302,799
Effect of dilutive restricted stock units and restricted stock		—			—

Diluted		27,947,577			29,302,799

Net loss per Class A and Class B common share – basic and diluted	$	(0.32	)	$	(0.36	)

XML 26 R15.htm IDEA: XBRL DOCUMENT

Related Party Transactions

3 Months Ended

Mar. 31, 2021

Related Party Transactions

(9)	Related Party Transactions

In June 2020, Mr. George Beasley, the Company’s Chairman, provided a $5.0 million loan to the Company that accrued

payment-in-kind

interest at 6% per annum with no cash payments due until the loan’s maturity in December 2023. Mr. Beasley and GGB Family Limited Partnership also each entered into standby letters of credit in combined aggregate face amount of $5.0 million in favor of U.S. Bank, National Association for the benefit of the Company as a source of backup liquidity that could have been drawn by U.S. Bank, National Association in the event that the Company failed to maintain a minimum liquidity amount. The loan was repaid on February 2, 2021, using a portion of the proceeds from the Notes offering (see Note 3).

XML 27 R16.htm IDEA: XBRL DOCUMENT

Financial Instruments

3 Months Ended

Mar. 31, 2021

Investments, All Other Investments [Abstract]

Financial Instruments

(10)	Financial Instruments

XML 28 R17.htm IDEA: XBRL DOCUMENT

Segment Information

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Information

(11)	Segment Information

Effective January 1, 2021, the Company created a digital division that generates revenue primarily from the sale of digital advertising to customers of the Company’s radio stations and other advertisers throughout the United States. All digital operations are the responsibility of the Company’s Chief Digital Officer who reports to the Company’s Chief Executive Officer (the Company’s chief operating decision maker). As a result, the Company has identified two reportable segments, Audio and Digital. The Audio segment generates revenue primarily from the sale of commercial advertising to customers of the Company’s radio stations in the following radio markets: Atlanta, GA, Augusta, GA, Boston, MA, Charlotte, NC, Detroit, MI, Fayetteville, NC, Fort Myers-Naples, FL, Las Vegas, NV, Middlesex, NJ, Monmouth, NJ, Morristown, NJ, Philadelphia, PA, Tampa-Saint Petersburg, FL, West Palm Beach-Boca Raton, FL, and Wilmington, DE. Corporate includes general and administrative expenses and certain other income and expense items not allocated to the operating segments.

Non-operating

corporate items including interest expense and income taxes, are reported in the accompanying condensed consolidated statements of comprehensive loss. The identification of segments is consistent with how the segments report to and are managed by the Company’s chief operating decision maker.

Reportable segment information for the three months ended March 31, 2021 is as follows:


	Audio			Digital			Other			Corporate			Total
Net revenue	$	41,729,602		$	5,763,728		$	718,710		$	—		$	48,212,040

Operating expenses		34,735,469			7,257,915			974,487			—			42,967,871
Corporate expenses		—			—			—			3,905,289			3,905,289
Other operating expenses		500,000			—			—			600,000			1,100,000
Depreciation and amortization		2,004,377			—			811,903			135,621			2,951,901
Gain on disposition		(191,988	)		—			—			—			(191,988	)

Operating income (loss)	$	4,681,744		$	(1,494,187	)	$	(1,067,680	)	$	(4,640,910	)	$	(2,521,033	)


	Audio		Digital		Other		Corporate		Total
Capital expenditures	$	712,945	$	—	$	2,852	$	313,471	$	1,029,268
Property and equipment, net		47,515,545		—		24,041		4,864,034		52,403,620
FCC licenses		508,413,913		—		—		—		508,413,913
Goodwill		25,377,447		—		3,219,100		—		28,596,547
Other intangibles, net		2,082,130		—		22,787,080		179,663		25,048,873

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

XML 29 R18.htm IDEA: XBRL DOCUMENT

FCC Licenses (Tables)

3 Months Ended

Mar. 31, 2021

Text Block [Abstract]

Discounted Cash Flow Analyses

The key assumptions used in the discounted cash flow analyses are as follows:


Revenue growth rates		(14.1)% - 7.9%
Market revenue shares at maturity		0.6% - 39.0%
Operating income margins at maturity		26.5% - 35.4%
Discount rate		9.5%

XML 30 R19.htm IDEA: XBRL DOCUMENT

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Summary of Long-Term Debt

Long-term debt is comprised of the following:


	December 31,			March 31,
	2020			2021
Secured notes	$	—		$	300,000,000
PPP loan		—			10,000,000
Credit facility - term loan		238,000,000			—
Credit facility - revolving credit facility		20,000,000			—
Promissory note		5,500,000			—

	263,500,000			310,000,000
Less unamortized debt issuance costs		(5,154,620	)		(7,350,741	)

	$258,345,380			$302,649,259

XML 31 R20.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Schedule of Changes in Stockholders Equity

The changes in stockholders’ equity for the three months ended March 31, 2020 and 2021 are as follows:


	Three months ended March 31,
	2020			2021
Beginning balance	$	284,471,958		$	267,101,820
Stock-based compensation		266,439			520,801
Acquisition of noncontrolling interest		—			(4,490,130	)
Purchase of treasury stock		(15,875	)		(784,902	)
Net loss		(8,946,163	)		(10,684,641	)
Elimination of noncontrolling interest		—			1,076,849
Cash dividends		(1,398,321	)		—

Ending balance	$	274,378,038		$	252,739,797

XML 32 R21.htm IDEA: XBRL DOCUMENT

Revenue (Tables)

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Composition of Revenue

Revenue is comprised of the following:


	Three months ended March 31,
	2020		2021
Audio	$	50,912,978	$	41,729,602
Digital		5,284,025		5,763,728
Other		1,453,423		718,710

	$	57,650,426	$	48,212,040

Deferred Revenue


	December 31, 2020		March 31, 2021
Deferred revenue	$	3,732,890	$	3,873,046


	Three months ended March 31,
	2020		2021
Losses on receivables	$	834,925	$	1,095,313

Trade Sale Revenue


	December 31, 2020		March 31, 2021
Trade sales receivable	$	956,999	$	773,667
Trade sales payable		892,543		810,967


	Three months ended March 31,
	2020		2021
Trade sales revenue	$	1,968,260	$	929,597

XML 33 R22.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Restricted Stock Units and Restricted Stock Activity

A summary of restricted stock unit activity is presented below:


	Units			Weighted- Average Grant-Date Fair Value
Unvested as of January 1, 2021		453,501		$	4.11
Granted		135,039			2.72
Vested		(173,372	)		2.82
Forfeited		—			—

Unvested as of March 31, 2021		415,168		$	3.79

A summary of restricted stock activity is presented below:


	Shares		Weighted- Average Grant- Date Fair Value
Unvested as of January 1, 2021		12,500	$	4.84
Vested		—		—
Forfeited		—		—

Unvested as of March 31, 2021		12,500	$	4.84

XML 34 R23.htm IDEA: XBRL DOCUMENT

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Schedule of Net Income Per Share

Net loss per share calculation information is as follows:


	Three months ended March 31,
	2020			2021
Net loss attributable to BBGI stockholders	$	(8,836,561	)	$	(10,555,392	)

Weighted-average shares outstanding:
Basic weighted shares outstanding		27,947,577			29,302,799
Effect of dilutive restricted stock units and restricted stock		—			—

Diluted		27,947,577			29,302,799

Net loss per Class A and Class B common share – basic and diluted	$	(0.32	)	$	(0.36	)

XML 35 R24.htm IDEA: XBRL DOCUMENT

Segment Information (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Summary of reportable segment information


	Audio			Digital			Other			Corporate			Total
Net revenue	$	41,729,602		$	5,763,728		$	718,710		$	—		$	48,212,040

Operating expenses		34,735,469			7,257,915			974,487			—			42,967,871
Corporate expenses		—			—			—			3,905,289			3,905,289
Other operating expenses		500,000			—			—			600,000			1,100,000
Depreciation and amortization		2,004,377			—			811,903			135,621			2,951,901
Gain on disposition		(191,988	)		—			—			—			(191,988	)

Operating income (loss)	$	4,681,744		$	(1,494,187	)	$	(1,067,680	)	$	(4,640,910	)	$	(2,521,033	)


	Audio		Digital		Other		Corporate		Total
Capital expenditures	$	712,945	$	—	$	2,852	$	313,471	$	1,029,268
Property and equipment, net		47,515,545		—		24,041		4,864,034		52,403,620
FCC licenses		508,413,913		—		—		—		508,413,913
Goodwill		25,377,447		—		3,219,100		—		28,596,547
Other intangibles, net		2,082,130		—		22,787,080		179,663		25,048,873

XML 36 R25.htm IDEA: XBRL DOCUMENT

Interim Financial Statements - Additional Information (Detail) - USD ($)	Mar. 12, 2021	Mar. 31, 2021	Dec. 31, 2020
Equity method investment, ownership percentage			10.00%
OutlawsXP Inc [Member]
Equity method investment, ownership percentage		90.00%
Renegades Holdings, Inc. [Member]
Equity method investment, ownership percentage		51.00%
Deconsolidation of Ownership interest loss amount	$ 3,000
Discount rate	13.50%
Renegades Holdings, Inc. [Member] \| Minimum [Member]
Revenue growth rate	5.00%
Operating Margin	27.00%
Renegades Holdings, Inc. [Member] \| Maximum [Member]
Revenue growth rate	57.00%
Operating Margin	67.00%

XML 37 R26.htm IDEA: XBRL DOCUMENT

FCC Licenses - Discounted Cash Flow Analyses (Detail) - CBS Radio Stations Inc Entercom Boston LLC and The Entercom Divestiture Trust [Member]	3 Months Ended
	Mar. 31, 2021
Measurement Input, Discount Rate [Member]
Fair Value Inputs Asset Quantitative Information [Line Items]
Fair value assumptions inputs rate	9.50%
Minimum [Member]
Fair Value Inputs Asset Quantitative Information [Line Items]
Market revenue shares at maturity	0.60%
Operating income margins at maturity	26.50%
Minimum [Member] \| Measurement Input, Long-term Revenue Growth Rate [Member]
Fair Value Inputs Asset Quantitative Information [Line Items]
Fair value assumptions inputs rate	14.10%
Maximum [Member]
Fair Value Inputs Asset Quantitative Information [Line Items]
Market revenue shares at maturity	39.00%
Operating income margins at maturity	35.40%
Maximum [Member] \| Measurement Input, Long-term Revenue Growth Rate [Member]
Fair Value Inputs Asset Quantitative Information [Line Items]
Fair value assumptions inputs rate	7.90%

XML 38 R27.htm IDEA: XBRL DOCUMENT

FCC Licenses - Additional Information (Detail) - USD ($)		3 Months Ended
	Feb. 03, 2021	Mar. 31, 2021	Mar. 31, 2020
FCC Licenses [Line Items]
Proceeds from sale of assets		$ 362,500
FCC License Translator [Member] \| Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
FCC Licenses [Line Items]
Proceeds from sale of assets	$ 100,000
Atlanta GA and Wet Palm Beach [Member] \| Licensing Agreements [Member]
FCC Licenses [Line Items]
Impairment losses			$ 6,800,000
West Palm Beach Boca Raton [Member] \| WHSR-AM [Member]
FCC Licenses [Line Items]
Proceeds from sale of assets	$ 400,000

XML 39 R28.htm IDEA: XBRL DOCUMENT

Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Total debt	$ 300,750,000	$ 263,500,000
Long-term debt	310,000,000	263,500,000
Less unamortized debt issuance costs	(7,350,741)	(5,154,620)
Long-term debt, net of current portion	302,649,259	258,345,380
Term Loan [Member]
Line of Credit Facility [Line Items]
Total debt		238,000,000
Revolving Credit Loan [Member]
Line of Credit Facility [Line Items]
Total debt		20,000,000
Promissory Note [Member]
Line of Credit Facility [Line Items]
Total debt	0	$ 5,500,000
Secured notes [Member]
Line of Credit Facility [Line Items]
Total debt	300,000,000
PPP loan [Member]
Line of Credit Facility [Line Items]
Total debt	$ 10,000,000

XML 40 R29.htm IDEA: XBRL DOCUMENT

Long-Term Debt - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 01, 2021	Feb. 02, 2021	Dec. 31, 2020	Nov. 14, 2019
Line of Credit Facility [Line Items]
Long-term debt	$ 300,750,000			$ 263,500,000
Loss on extinguishment of long-term debt	4,996,731
Term Loan [Member]
Line of Credit Facility [Line Items]
Long-term debt				$ 238,000,000
Revolving credit loan and term loan carried interest				5.25%
Revolving Credit Loan [Member]
Line of Credit Facility [Line Items]
Long-term debt				$ 20,000,000
Revolving credit facility maximum commitment				$ 20,000,000
Revolving credit loan and term loan carried interest				4.40%
Promissory Note [Member]
Line of Credit Facility [Line Items]
Long-term debt	$ 0			$ 5,500,000
Promissory Note [Member] \| E Sports Team [Member]
Line of Credit Facility [Line Items]
Debt instrument face value					$ 16,500,000
New Promissory Note [Member]
Line of Credit Facility [Line Items]
Credit facility interest rate margins	10.00%
Credit facility interest rate margins, quarterly	5.00%
8.625% senior secured notes due on February 1, 2026
Line of Credit Facility [Line Items]
Loss on extinguishment of long-term debt	$ 5,000,000
Debt Instrument, Interest Rate, Stated Percentage			8.625%
Debt instrument face value			$ 300,000,000
Paycheck Protection Program loan [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		1.00%
Debt instrument face value		$ 10,000,000

XML 41 R30.htm IDEA: XBRL DOCUMENT

Stockholders' Equity - Schedule of Changes in Stockholders Equity (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Beginning balance	$ 267,101,820	$ 284,471,958
Stock-based compensation	520,801	266,439
Acquisition of noncontrolling interest	(4,490,130)
Purchase of treasury stock	(784,902)	(15,875)
Net loss	(10,684,641)	(8,946,163)
Elimination of noncontrolling interest	1,076,849
Cash dividends		(1,398,321)
Ending balance	$ 252,739,797	$ 274,378,038

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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Revenue - Composition of Revenue (Detail) - USD ($)	3 Months Ended
Revenue - Composition of Revenue (Detail) - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Net revenue	$ 48,212,040	$ 57,650,426
Audio [Member]
Disaggregation of Revenue [Line Items]
Net revenue	41,729,602	50,912,978
Digital [Member]
Disaggregation of Revenue [Line Items]
Net revenue	5,763,728	5,284,025
Other [Member]
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Net revenue	$ 718,710	$ 1,453,423

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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Revenue - Deferred Revenue (Detail) - USD ($)	3 Months Ended
Revenue - Deferred Revenue (Detail) - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
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Revenue - Trade Sale Revenue (Detail) - USD ($)	3 Months Ended
Revenue - Trade Sale Revenue (Detail) - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Trade sales receivable	$ 773,667		$ 956,999
Trade sales payable	810,967		$ 892,543
Trade sales revenue	$ 929,597	$ 1,968,260

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Stock-Based Compensation - Additional Information (Detail) - 2007 Plan [Member] $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($) shares
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Total unrecognized compensation cost for restricted stock granted \| $	$ 1.1
Cost expected to be recognized over a weighted-average period	2 years 6 months
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]
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Restricted stock units and restricted stock awards, vest, period	5 years
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized \| shares	7,500,000

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	Mar. 31, 2021 $ / shares shares
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested Shares, Beginning Balance \| shares	453,501
Granted, Shares \| shares	135,039
Vested, Shares \| shares	(173,372)
Forfeited, Shares \| shares
Unvested Shares, Ending Balance \| shares	415,168
Unvested, Weighted-Average Grant-Date Fair Value, Beginning Balance \| $ / shares	$ 4.11
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Vested, Weighted-Average Grant-Date Fair Value \| $ / shares	2.82
Forfeited, Weighted-Average Grant-Date Fair Value \| $ / shares
Unvested, Weighted-Average Grant-Date Fair Value, Ending Balance \| $ / shares	$ 3.79
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Vested, Weighted-Average Grant-Date Fair Value \| $ / shares	0
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Income Taxes - Additional Information (Detail)	Mar. 31, 2021	Mar. 31, 2020
Federal statutory rate	21.00%
Effective tax rate	20.00%	21.00%

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Earnings Per Share - Schedule of Net Income Per Share (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net loss attributable to BBGI stockholders	$ (10,555,392)	$ (8,836,561)
Weighted-average shares outstanding:
Basic weighted shares outstanding	29,302,799	27,947,577
Effect of dilutive restricted stock units and restricted stock		0
Diluted	29,302,799	27,947,577
Net loss per Class A and Class B common share – basic and diluted	$ (0.36)	$ (0.32)

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	Mar. 31, 2021	Mar. 31, 2020
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	32,166	48,577

XML 50 R39.htm IDEA: XBRL DOCUMENT

Related Party Transactions - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Payment in Kind (PIK) Note [Member] \| Board of Directors Chairman [Member]
Related Party Transaction [Line Items]
Debt instrument face value	$ 5.0
Long term debt stated interest rate	6.00%
Long term debt maturity	December 2023
Mr Beasley And Ggb Family Limited [Member]
Related Party Transaction [Line Items]
Debt instrument face value	$ 5.0

XML 51 R40.htm IDEA: XBRL DOCUMENT

Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value Of Financial Instruments [Line Items]
Long-term debt	$ 300,750	$ 263,500

XML 52 R41.htm IDEA: XBRL DOCUMENT

Segment Information - Summary of Reportable Segment Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net revenue	$ 48,212,040	$ 57,650,426
Operating expenses	42,967,871	50,900,477
Corporate expenses	3,905,289	4,513,092
Other operating expenses	1,100,000
Depreciation and amortization	2,951,901	2,576,475
Gain on dispositions	(191,988)	0
Operating loss	(2,521,033)	(7,144,030)
Capital expenditures	1,029,268	$ 3,443,430
Property and equipment, net	52,403,620		$ 53,667,550
FCC licenses	508,413,913		508,558,355
Goodwill	28,596,547		28,596,547
Other intangibles, net	25,048,873		$ 25,859,192
Audio [Member]
Segment Reporting Information [Line Items]
Net revenue	41,729,602
Operating expenses	34,735,469
Corporate expenses	0
Other operating expenses	500,000
Depreciation and amortization	2,004,377
Gain on dispositions	(191,988)
Operating loss	4,681,744
Capital expenditures	712,945
Property and equipment, net	47,515,545
FCC licenses	508,413,913
Goodwill	25,377,447
Other intangibles, net	2,082,130
Digital [Member]
Segment Reporting Information [Line Items]
Net revenue	5,763,728
Operating expenses	7,257,915
Corporate expenses	0
Other operating expenses	0
Depreciation and amortization	0
Gain on dispositions	0
Operating loss	(1,494,187)
Capital expenditures	0
Property and equipment, net	0
FCC licenses	0
Goodwill	0
Other intangibles, net	0
Other [Member]
Segment Reporting Information [Line Items]
Net revenue	718,710
Operating expenses	974,487
Corporate expenses	0
Other operating expenses	0
Depreciation and amortization	811,903
Gain on dispositions	0
Operating loss	(1,067,680)
Capital expenditures	2,852
Property and equipment, net	24,041
FCC licenses	0
Goodwill	3,219,100
Other intangibles, net	22,787,080
Corporate [Member]
Segment Reporting Information [Line Items]
Net revenue	0
Operating expenses	0
Corporate expenses	3,905,289
Other operating expenses	600,000
Depreciation and amortization	135,621
Gain on dispositions	0
Operating loss	(4,640,910)
Capital expenditures	313,471
Property and equipment, net	4,864,034
FCC licenses	0
Goodwill	0
Other intangibles, net	$ 179,663

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