$MDIA
Mediaco Holding Inc.

2022 Q1 Form 10-Q Financial Statement

#000156459022019673 Filed on May 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $11.54M $9.743M
YoY Change 18.39% -17.36%
Cost Of Revenue $2.487M $1.640M
YoY Change 51.65% 40.17%
Gross Profit $9.048M $8.100M
YoY Change 11.7% -23.73%
Gross Profit Margin 78.44% 83.14%
Selling, General & Admin $9.332M $7.760M
YoY Change 20.26% -17.97%
% of Gross Profit 103.14% 95.8%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $930.0K $980.0K
YoY Change -5.1% -4.85%
% of Gross Profit 10.28% 12.1%
Operating Expenses $10.26M $10.38M
YoY Change -1.11% -0.98%
Operating Profit -$1.232M -$634.0K
YoY Change 94.32% -566.18%
Interest Expense $2.998M $2.538M
YoY Change 18.12% 13.4%
% of Operating Profit
Other Income/Expense, Net -$2.077M
YoY Change
Pretax Income -$4.230M -$3.170M
YoY Change 33.44% 50.81%
Income Tax $63.00K $81.00K
% Of Pretax Income
Net Earnings -$4.293M -$3.253M
YoY Change 31.97% 119.06%
Net Earnings / Revenue -37.22% -33.39%
Basic Earnings Per Share -$0.68
Diluted Earnings Per Share -$568.0K -$456.5K
COMMON SHARES
Basic Shares Outstanding 7.558M shares
Diluted Shares Outstanding 7.558M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.757M $4.500M
YoY Change 94.6% 2.27%
Cash & Equivalents $8.757M $4.490M
Short-Term Investments
Other Short-Term Assets $295.0K $1.059M
YoY Change -72.14% -47.05%
Inventory
Prepaid Expenses $1.763M $1.648M
Receivables $9.226M $7.264M
Other Receivables $0.00 $0.00
Total Short-Term Assets $20.04M $14.46M
YoY Change 38.59% -13.92%
LONG-TERM ASSETS
Property, Plant & Equipment $26.52M $27.09M
YoY Change -2.09% -52.23%
Goodwill $13.10M $13.10M
YoY Change 0.0% 13.93%
Intangibles $78.90M
YoY Change
Long-Term Investments
YoY Change
Other Assets $21.26M $23.47M
YoY Change -9.43% 58.57%
Total Long-Term Assets $125.6M $129.5M
YoY Change -3.01% -13.81%
TOTAL ASSETS
Total Short-Term Assets $20.04M $14.46M
Total Long-Term Assets $125.6M $129.5M
Total Assets $145.6M $143.9M
YoY Change 1.17% -13.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.443M $2.200M
YoY Change 11.05% -74.42%
Accrued Expenses $5.590M $4.200M
YoY Change 33.1% 16.67%
Deferred Revenue $2.390M $1.750M
YoY Change 36.57% 16.2%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.672M $2.754M
YoY Change 33.33% -25.0%
Total Short-Term Liabilities $16.54M $12.60M
YoY Change 31.22% -31.78%
LONG-TERM LIABILITIES
Long-Term Debt $96.94M $93.15M
YoY Change 4.07% 13.75%
Other Long-Term Liabilities $10.00K $125.0K
YoY Change -92.0% -51.17%
Total Long-Term Liabilities $96.95M $93.27M
YoY Change 3.94% 13.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.54M $12.60M
Total Long-Term Liabilities $96.95M $93.27M
Total Liabilities $139.1M $133.5M
YoY Change 4.24% 3.77%
SHAREHOLDERS EQUITY
Retained Earnings -$45.82M -$35.74M
YoY Change 28.2% 619.82%
Common Stock $24.37M $21.24M
YoY Change 14.77% 2.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.490M $10.50M
YoY Change
Total Liabilities & Shareholders Equity $145.6M $143.9M
YoY Change 1.17% -13.82%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$4.293M -$3.253M
YoY Change 31.97% 119.06%
Depreciation, Depletion And Amortization $930.0K $980.0K
YoY Change -5.1% -4.85%
Cash From Operating Activities $4.661M $578.0K
YoY Change 706.4% -136.98%
INVESTING ACTIVITIES
Capital Expenditures $816.0K $206.0K
YoY Change 296.12% 4.57%
Acquisitions
YoY Change
Other Investing Activities $0.00 $110.0K
YoY Change -100.0%
Cash From Investing Activities -$816.0K -$95.00K
YoY Change 758.95% -51.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.209M -164.0K
YoY Change 637.2% -104.02%
NET CHANGE
Cash From Operating Activities 4.661M 578.0K
Cash From Investing Activities -816.0K -95.00K
Cash From Financing Activities -1.209M -164.0K
Net Change In Cash 2.636M 319.0K
YoY Change 726.33% -86.26%
FREE CASH FLOW
Cash From Operating Activities $4.661M $578.0K
Capital Expenditures $816.0K $206.0K
Free Cash Flow $3.845M $372.0K
YoY Change 933.6% -121.14%

Facts In Submission

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CY2022Q1 us-gaap Use Of Estimates
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<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Estimates</p> <p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:4pt;text-indent:4.4%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. Due to the COVID-19 pandemic, the global economy and financial markets have been disrupted and there is uncertainty about the length and severity of the consequences caused by the pandemic. The Company has considered information available to it as of the date of issuance of these financial statements and is not aware of any specific events or circumstances that would require an update to its estimates or judgments, or a revision to the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information becomes available. Actual results could differ materially from these estimates.<span style="color:#FF0000;font-size:12pt;"> </span></p>
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LossContingencyPendingClaimsNumber
0
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.01
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.03
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
100000
CY2022Q1 us-gaap Goodwill
Goodwill
13102000
CY2021Q4 us-gaap Goodwill
Goodwill
13102000
CY2022Q1 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
77787000
CY2021Q4 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
78030000
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
200000
CY2021Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
300000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
700000
CY2022Q1 mdia Percentage Of Fee Based Revenues
PercentageOfFeeBasedRevenues
0.15
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11535000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
9743000
CY2022Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
3672000
CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
2754000
CY2022Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
1632000
CY2021Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
1790000
CY2022Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
96938000
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
97527000
CY2022Q1 us-gaap Debt Instrument Frequency Of Periodic Payment
DebtInstrumentFrequencyOfPeriodicPayment
no quarterly scheduled principal payments are required through and including the quarter ending March 31, 2022
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1297000
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1247000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1484000
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1290000
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
192000
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.094
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.094
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3731000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4400000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2900000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2883000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2751000
CY2022Q1 mdia Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
12802000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
29467000
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
9453000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
20014000
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
6686000
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
1298000
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
160000
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
34000
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
8000
CY2021Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
7267000
CY2022Q1 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
36000
CY2022Q1 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
232000
CY2022Q1 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
37000
CY2022Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
7498000
CY2021Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
981000
CY2021Q1 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
6000
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-634000
CY2022Q1 us-gaap Assets
Assets
145602000
CY2021Q4 us-gaap Assets
Assets
148210000
CY2019Q4 mdia Transaction Agreement Date
TransactionAgreementDate
2019-06-28
CY2022Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
0
CY2022Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.06
CY2022Q1 mdia Debt Instrument Increasing Interest Rate Of Each Successive Anniversary
DebtInstrumentIncreasingInterestRateOfEachSuccessiveAnniversary
0.01
CY2021Q4 us-gaap Dividends Paidinkind
DividendsPaidinkind
2700000
CY2021Q4 mdia Additional Shares Issued Due To Increase In Accrued Value Of Preferred Stock
AdditionalSharesIssuedDueToIncreaseInAccruedValueOfPreferredStock
0
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-6100000
CY2022Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11535000
CY2022Q1 mdia Operating Expenses Excluding Depreciation And Amortization
OperatingExpensesExcludingDepreciationAndAmortization
9332000
CY2022Q1 mdia Corporate Expense
CorporateExpense
2487000
CY2022Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
930000
CY2022Q1 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-18000
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-1232000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
9743000
CY2021Q1 mdia Operating Expenses Excluding Depreciation And Amortization
OperatingExpensesExcludingDepreciationAndAmortization
7761000
CY2021Q1 mdia Corporate Expense
CorporateExpense
1641000

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