BOSTON OMAHA Corp
For the period ended Sep 30, 2025. Filed Nov 13, 2025.
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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.
Sep 30, 2025 · Filed Nov 13, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Table of Contents
QUARTERLY REPORT ON FORM 10-Q
FOR THE PERIOD END****ED September 30, 2025
TABLE OF CONTENTS
| Page | |
|---|---|
| Part I – Financial Information | 4 |
| Item 1. Condensed Consolidated Financial Statements (Unaudited). | 4 |
| Condensed Consolidated Balance Sheets – September 30, 2025 and December 31, 2024 | 4 |
| Condensed Consolidated Statements of Operations – Three and Nine Months Ended September 30, 2025 and 2024 | 6 |
| Condensed Consolidated Statements of Changes in Stockholders’ Equity – Three and Nine Months Ended September 30, 2025 and 2024 | 7 |
| Condensed Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2025 and September 30, 2024 | 9 |
| Notes to Condensed Consolidated Financial Statements | 11 |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. | 34 |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk. | 55 |
| Item 4. Controls and Procedures. | 55 |
| Part II – Other Information | 57 |
| Item 1. Legal Proceedings. | 57 |
| Item 1A. Risk Factors. | 57 |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. | 57 |
| Item 3. Defaults Upon Senior Securities. | 57 |
| Item 4. Mine Safety Disclosures. | 57 |
| Item 5. Other Information. | 57 |
| Item 6. Exhibits. | 57 |
| Exhibit Index | 58 |
| Signatures | 60 |
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.*
Condensed Consolidated Financial Statements
For the Nine Months Ended September 30, 2025 and 2024
Condensed Consolidated Balance Sheets
| ASSETS | ||
|---|---|---|
| September 30, | December 31, | |
| 2025 | 2024 | |
| Current Assets: | ||
| Cash and cash equivalents | $37,051,629 | $28,289,712 |
| Cash held by BOAM funds and other | 5,558,223 | 2,933,723 |
| Accounts receivable, net | 14,886,519 | 12,433,587 |
| Interest receivable | 20,592 | 83,613 |
| Short-term investments | 30,543,123 | 44,953,337 |
| Marketable equity securities | 997,447 | 2,393,260 |
| U. S. Treasury securities | 18,154,826 | 10,976,969 |
| Funds held as collateral assets | 13,619,149 | 9,973,991 |
| Prepaid expenses | 5,294,247 | 5,409,209 |
| Total Current Assets | 126,125,755 | 117,447,401 |
| Property and Equipment, net | 168,306,945 | 161,593,673 |
| Other Assets: | ||
| Goodwill | 182,380,136 | 182,380,136 |
| Intangible assets, net | 53,112,671 | 58,332,625 |
| Investments | 57,643,117 | 74,080,331 |
| Investments in unconsolidated affiliates | 71,528,235 | 72,435,867 |
| Deferred policy acquisition costs | 3,046,793 | 2,161,721 |
| Right of use assets | 59,038,370 | 59,742,166 |
| Other | 172,089 | 171,809 |
| Total Other Assets | 426,921,411 | 449,304,655 |
| Total Assets | $721,354,111 | $728,345,729 |
Condensed Consolidated Balance Sheets (Continued)
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
|---|---|---|
| September 30, | December 31, | |
| 2025 | 2024 | |
| Current Liabilities: | ||
| Accounts payable and accrued expenses | $21,526,176 | $22,251,493 |
| Short-term payables for business acquisitions | 1,360,693 | 121,104 |
| Lease liabilities | 5,264,241 | 5,333,611 |
| Funds held as collateral | 13,619,149 | 9,973,991 |
| Unearned premiums | 14,058,139 | 12,985,868 |
| Current maturities of long-term debt | 1,927,719 | 1,201,448 |
| Deferred revenue | 3,244,267 | 3,044,009 |
| Total Current Liabilities | 61,000,384 | 54,911,524 |
| Long-term Liabilities: | ||
| Asset retirement obligations | 4,176,501 | 4,013,457 |
| Lease liabilities | 54,566,767 | 54,994,879 |
| Long-term debt, less current maturities | 43,394,003 | 38,363,356 |
| Other long-term liabilities | 105,560 | 1,417,091 |
| Deferred tax liability | 10,185,887 | 11,925,969 |
| Total Liabilities | 173,429,102 | 165,626,276 |
| 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, 30,989,991 and 30,943,349 shares issued, respectively | 30,990 | 30,943 |
| Class B common stock, $.001 par value, 1,161,116 shares authorized, 580,558 and 527,780 shares issued and outstanding, respectively | 581 | 528 |
| Additional paid-in capital | 540,349,925 | 539,126,302 |
| Treasury stock, at cost, 117,115 and 111,323 shares, respectively | (1,676,492) | (1,589,322) |
| Accumulated deficit | (10,326,215) | (4,748,942) |
| Total Boston Omaha Stockholders' Equity | 528,378,789 | 532,819,509 |
| Noncontrolling interests | 19,546,220 | 29,899,944 |
| Total Equity | 547,925,009 | 562,719,453 |
| Total Liabilities and Stockholders' Equity | $721,354,111 | $728,345,729 |
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