BOSTON OMAHA Corp
For the period ended Mar 31, 2024. Filed May 14, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 14, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Table of Contents
QUARTERLY REPORT ON FORM 10-Q
FOR THE PERIOD END****ED March 31, 2024
TABLE OF CONTENTS
| Page | |
|---|---|
| Part I – Financial Information | 4 |
| Item 1. Consolidated Financial Statements (Unaudited). | 4 |
| Consolidated Balance Sheets – March 31, 2024 and December 31, 2023 | 4 |
| Consolidated Statements of Operations – Three Months Ended March 31, 2024 and March 31, 2023 | 6 |
| Consolidated Statements of Changes in Stockholders’ Equity – March 31, 2024 and March 31, 2023 | 7 |
| Consolidated Statements of Cash Flows – Three Months Ended March 31, 2024 and March 31, 2023 | 9 |
| Notes to Consolidated Financial Statements | 11 |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. | 35 |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk. | 51 |
| Item 4. Controls and Procedures. | 51 |
| Part II – Other Information | 53 |
| Item 1. Legal Proceedings. | 53 |
| Item 1A. Risk Factors. | 53 |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. | 53 |
| Item 3. Defaults Upon Senior Securities. | 53 |
| Item 4. Mine Safety Disclosures. | 53 |
| Item 5. Other Information. | 53 |
| Item 6. Exhibits. | 53 |
| Exhibit Index | 54 |
| Signatures | 56 |
Referencesin thisQuarterly Report onForm 10-Q to“theCompany*,” “our Company,” “we,” “us,” ”our”** and “Boston Omaha” refer to Boston Omaha Corporation and its consolidated subsidiaries, unless otherwise noted.*
Consolidated Financial Statements
Unaudited
For the Three Months Ended March 31, 2024 and 2023
Consolidated Balance Sheets
Unaudited
| ASSETS | ||
|---|---|---|
| March 31, | December 31, | |
| 2024 | 2023 | |
| Current Assets: | ||
| Cash and cash equivalents | $17,402,976 | $21,946,884 |
| Cash held by BOAM funds and other | 33,093,703 | 3,364,789 |
| Accounts receivable, net | 12,316,449 | 12,141,244 |
| Interest receivable | 129,245 | 185,482 |
| Short-term investments | 36,036,887 | 24,753,469 |
| Marketable equity securities | 2,429,434 | 2,210,037 |
| U. S. Treasury securities | 13,798,966 | 47,112,659 |
| Funds held as collateral assets | 9,569,856 | 14,101,531 |
| Prepaid expenses | 5,082,906 | 5,571,454 |
| Total Current Assets | 129,860,422 | 131,387,549 |
| Property and Equipment, net | 149,166,581 | 144,266,763 |
| Other Assets: | ||
| Goodwill | 182,380,136 | 182,380,136 |
| Intangible assets, net | 63,668,468 | 65,532,301 |
| Investments | 85,260,777 | 87,104,272 |
| Investments in unconsolidated affiliates | 84,073,173 | 94,244,788 |
| Deferred policy acquisition costs | 1,714,422 | 1,772,455 |
| Right of use assets | 61,070,794 | 61,399,460 |
| Other | 143,864 | 119,368 |
| Total Other Assets | 478,311,634 | 492,552,780 |
| Total Assets | $757,338,637 | $768,207,092 |
Consolidated Balance Sheets (Continued)
Unaudited
| LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND STOCKHOLDERS' EQUITY | ||
|---|---|---|
| March 31, | December 31, | |
| 2024 | 2023 | |
| Current Liabilities: | ||
| Accounts payable and accrued expenses | $16,337,531 | $18,438,647 |
| Short-term payables for business acquisitions | 593,117 | 618,003 |
| Lease liabilities | 5,093,879 | 5,085,221 |
| Funds held as collateral | 9,569,856 | 14,101,531 |
| Unearned premiums | 9,293,813 | 9,699,544 |
| Current maturities of long-term debt | 825,864 | 814,667 |
| Deferred revenue | 2,690,698 | 2,628,139 |
| Total Current Liabilities | 44,404,758 | 51,385,752 |
| Long-term Liabilities: | ||
| Asset retirement obligations | 3,847,656 | 3,794,985 |
| Lease liabilities | 56,035,911 | 56,438,308 |
| Long-term debt, less current maturities | 26,309,844 | 26,523,099 |
| Other long-term liabilities | 1,476,614 | 1,500,875 |
| Deferred tax liability | 11,172,516 | 12,111,812 |
| Total Liabilities | 143,247,299 | 151,754,831 |
| Redeemable Noncontrolling Interest | 15,702,778 | 15,638,013 |
| Stockholders' Equity: | ||
| Preferred stock, $.001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding | - | - |
| Class A common stock, $.001 par value, 38,838,884 shares authorized, 30,304,895 and 30,255,739 shares issued and outstanding, respectively | 30,305 | 30,256 |
| Class B common stock, $.001 par value, 1,161,116 shares authorized, 1,055,560 shares issued and outstanding | 1,056 | 1,056 |
| Additional paid-in capital | 523,286,579 | 522,506,626 |
| Retained earnings | 12,861,407 | 15,669,488 |
| Total Boston Omaha Stockholders' Equity | 536,179,347 | 538,207,426 |
| Noncontrolling interests | 62,209,213 | 62,606,822 |
| Total Equity | 598,388,560 | 600,814,248 |
| Total Liabilities, Redeemable Noncontrolling Interest, and Stockholders' Equity | $757,338,637 | $768,207,092 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.