$MDIA
Mediaco Holding Inc.

2021 Q1 Form 10-Q Financial Statement

#000156459021029385 Filed on May 24, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $9.743M $11.79M
YoY Change -17.36% 44.66%
Cost Of Revenue $1.640M $1.170M
YoY Change 40.17%
Gross Profit $8.100M $10.62M
YoY Change -23.73% 30.31%
Gross Profit Margin 83.14% 90.08%
Selling, General & Admin $7.760M $9.460M
YoY Change -17.97% 37.3%
% of Gross Profit 95.8% 89.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $980.0K $1.030M
YoY Change -4.85% -386.11%
% of Gross Profit 12.1% 9.7%
Operating Expenses $10.38M $10.48M
YoY Change -0.98% 44.97%
Operating Profit -$634.0K $136.0K
YoY Change -566.18% -85.17%
Interest Expense $2.538M $2.238M
YoY Change 13.4%
% of Operating Profit 1645.59%
Other Income/Expense, Net
YoY Change
Pretax Income -$3.170M -$2.102M
YoY Change 50.81% -329.23%
Income Tax $81.00K -$617.0K
% Of Pretax Income
Net Earnings -$3.253M -$1.485M
YoY Change 119.06% -336.46%
Net Earnings / Revenue -33.39% -12.6%
Basic Earnings Per Share
Diluted Earnings Per Share -$456.5K -$210.5K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.500M $4.400M
YoY Change 2.27%
Cash & Equivalents $4.490M $4.405M
Short-Term Investments
Other Short-Term Assets $1.059M $2.000M
YoY Change -47.05% 809.09%
Inventory
Prepaid Expenses $1.648M
Receivables $7.264M $10.40M
Other Receivables $0.00 $0.00
Total Short-Term Assets $14.46M $16.80M
YoY Change -13.92% 71.67%
LONG-TERM ASSETS
Property, Plant & Equipment $27.09M $56.70M
YoY Change -52.23% 2242.01%
Goodwill $13.10M $11.50M
YoY Change 13.93%
Intangibles $78.90M
YoY Change
Long-Term Investments
YoY Change
Other Assets $23.47M $14.80M
YoY Change 58.57% 114.62%
Total Long-Term Assets $129.5M $150.2M
YoY Change -13.81% 104.79%
TOTAL ASSETS
Total Short-Term Assets $14.46M $16.80M
Total Long-Term Assets $129.5M $150.2M
Total Assets $143.9M $167.0M
YoY Change -13.82% 100.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.200M $8.600M
YoY Change -74.42%
Accrued Expenses $4.200M $3.600M
YoY Change 16.67%
Deferred Revenue $1.750M $1.506M
YoY Change 16.2% 15.94%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.754M $3.672M
YoY Change -25.0%
Total Short-Term Liabilities $12.60M $18.47M
YoY Change -31.78% 377.16%
LONG-TERM LIABILITIES
Long-Term Debt $93.15M $81.89M
YoY Change 13.75%
Other Long-Term Liabilities $125.0K $256.0K
YoY Change -51.17% -85.61%
Total Long-Term Liabilities $93.27M $82.15M
YoY Change 13.54% 4517.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.60M $18.47M
Total Long-Term Liabilities $93.27M $82.15M
Total Liabilities $133.5M $128.6M
YoY Change 3.77% 2176.18%
SHAREHOLDERS EQUITY
Retained Earnings -$35.74M -$4.965M
YoY Change 619.82%
Common Stock $21.24M $20.64M
YoY Change 2.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.50M $38.40M
YoY Change
Total Liabilities & Shareholders Equity $143.9M $167.0M
YoY Change -13.82% 100.89%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$3.253M -$1.485M
YoY Change 119.06% -336.46%
Depreciation, Depletion And Amortization $980.0K $1.030M
YoY Change -4.85% -386.11%
Cash From Operating Activities $578.0K -$1.563M
YoY Change -136.98% -143.56%
INVESTING ACTIVITIES
Capital Expenditures $206.0K $197.0K
YoY Change 4.57% 146.25%
Acquisitions
YoY Change
Other Investing Activities $110.0K
YoY Change
Cash From Investing Activities -$95.00K -$197.0K
YoY Change -51.78% 146.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $918.0K
YoY Change
Cash From Financing Activities -164.0K 4.082M
YoY Change -104.02% -216.36%
NET CHANGE
Cash From Operating Activities 578.0K -1.563M
Cash From Investing Activities -95.00K -197.0K
Cash From Financing Activities -164.0K 4.082M
Net Change In Cash 319.0K 2.322M
YoY Change -86.26%
FREE CASH FLOW
Cash From Operating Activities $578.0K -$1.563M
Capital Expenditures $206.0K $197.0K
Free Cash Flow $372.0K -$1.760M
YoY Change -121.14% -150.17%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-bottom:0pt;margin-top:4pt;text-indent:4.4%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has been actively monitoring the COVID-19 situation and its impact globally, as well as domestically and in the markets we serve. Our priority has been the safety of our employees, as well as the informational needs of the communities that we serve. Through the first few months of calendar 2020, the disease became widespread around the world, and on March 11, 2020, the World Health Organization declared a pandemic. In an effort to mitigate the continued spread of COVID-19, many federal, state and local governments have mandated various restrictions, including travel restrictions, restrictions on non-essential businesses and services, restrictions on public gatherings and quarantining of people who may have been exposed to the virus. These restrictions, in turn, caused the United States economy to decline and businesses to cancel or reduce amounts spent on advertising, negatively impacting our advertising-based businesses. Furthermore, some of our advertisers have seen a material decline in their businesses and may not be able to pay amounts owed to us when they come due. If the spread of COVID-19 continues, or is suppressed but later reemerges as a variant strain, and public and private entities continue to implement restrictive measures, we expect that our results of operations, financial condition and cash flows will continue to be negatively affected, the extent to which is difficult to estimate at this time.</p> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:4pt;text-indent:4.4%;color:#212529;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. <font style="color:#000000;">Due to the uncertain future impacts of the COVID-19 pandemic and the related economic disruptions, actual results could differ from those estimates particularly as it relates to estimates reliant on forecasts and other assumptions reasonably available to the Company</font>. The extent to which the COVID-19 pandemic and related economic disruptions impact the Company&#8217;s business and financial results will depend on future developments including, but not limited to: (i) the continued spread, duration and severity of the COVID-19 pandemic, (ii) the occurrence, spread, duration and severity of any subsequent wave or waves of outbreaks after the initial outbreak has subsided, (iii) the actions taken by the U.S. and foreign governments to contain the COVID-19 pandemic, address its impact or respond to the reduction in global and local economic activity, (iv) the occurrence, duration and severity of a global, regional or national recession, depression or other sustained adverse market event, and (v) how quickly and to what extent normal economic and operating conditions can resume. The accounting matters assessed included, but were not limited to, allowance for doubtful accounts, our ability to realize our deferred tax assets, and the carrying value of goodwill, FCC licenses and other long-lived assets.</p> <p style="margin-bottom:0pt;margin-top:4pt;text-indent:4.4%;color:#212529;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As discussed in Note 7, during the year ended December 31, 2020, as a result of a sharp deterioration of business activity related to the COVID-19 pandemic, the Company determined that it was more likely than not that it would be unable to realize its deferred tax assets and recorded a $18.8 million valuation allowance against these assets through an increase to our provision for income taxes. The Company&#8217;s future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in material changes to the estimates and material impacts to the Company&#8217;s condensed consolidated financial statements in future reporting periods.</p>
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DebtInstrumentUnamortizedDiscount
2153000
CY2021Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
2006000
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
2754000
CY2021Q1 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
6097000
CY2021Q1 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
1231000
CY2021Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2021Q1 ck0001784254 Corporate Expense
CorporateExpense
1641000
CY2020Q1 ck0001784254 Corporate Expense
CorporateExpense
1165000
CY2019Q2 ck0001784254 Transaction Agreement Date
TransactionAgreementDate
2019-06-28
CY2021Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
0
CY2021Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.06
CY2021Q1 ck0001784254 Debt Instrument Increasing Interest Rate Of Each Successive Anniversary
DebtInstrumentIncreasingInterestRateOfEachSuccessiveAnniversary
0.01
CY2021Q1 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.105
CY2020Q4 us-gaap Dividends Paidinkind
DividendsPaidinkind
2100000
CY2020Q4 ck0001784254 Additional Shares Issued Due To Increase In Accrued Value Of Preferred Stock
AdditionalSharesIssuedDueToIncreaseInAccruedValueOfPreferredStock
0
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
3672000
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
66409000
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
21400000
CY2021Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
97907000
CY2021Q1 us-gaap Loss Contingency Pending Claims Number
LossContingencyPendingClaimsNumber
0
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.29
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.03
CY2021Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
18800000
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1248000
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1247000
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1490000
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1290000
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y1M6D
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y7M6D
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.105
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.091
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
4019000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
5254000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4270000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2855000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2847000
CY2021Q1 ck0001784254 Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
15915000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
35160000
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
12352000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
22808000

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