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Note 6 - Business Acquisitions (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

		Billboards
		Tammy Lynn				Key Outdoor				Waitt Outdoor				Total
Assets Acquired
Property and Equipment:
Structures, displays, and equipment		$	2,187,685			$	9,603,838			$	19,723,904			$	31,515,427
Intangible Assets:
Customer relationships			4,432,000				7,692,000				12,696,000				24,820,000
Permits, licenses, and lease acquisition costs			893,000				1,184,000				5,341,000				7,418,000
Easements			147,000				-				454,563				601,563
Favorable leases			847,000				-				-				847,000
Noncompetition and nonsolicitation agreements			10,000				100,000				219,000				329,000
Goodwill			7,798,688				19,499,000				46,381,946				73,679,634
Total Intangible Assets			14,127,688				28,475,000				65,092,509				107,695,197
Other Assets:
Accounts receivable			188,261				-				1,239,457				1,427,718
Prepaid expenses			-				233,894				1,551,084				1,784,978
Total Other Assets			188,261				233,894				2,790,541				3,212,696
Total Assets Acquired			16,503,634				38,312,732				87,606,954				142,423,320
Liabilities Assumed
Accounts payable and accrued expenses			-				-				(761,779	)			(761,779	)
Asset retirement obligations			(40,380	)			(78,838	)			(1,497,913	)			(1,617,131	)
Other long-term liabilities			-				-				(1,316,000	)			(1,316,000	)
Total Liabilities Assumed			(40,380	)			(78,838	)			(3,575,692	)			(3,694,910	)
Total		$	16,463,254			$	38,233,894			$	84,031,262			$	138,728,410

		Tammy Lynn
		Dec. 31, 2018				Adjustments				Sept. 30, 2018
Assets Acquired
Property and Equipment:
Structures, displays, and equipment		$	2,187,685			$	40,380			$	2,147,305
Intangible Assets:
Customer relationships			4,432,000				-				4,432,000
Permits, licenses, and lease acquisition costs			893,000				-				893,000
Easements			147,000				147,000				-
Favorable leases			847,000				(578,000	)			1,425,000
Noncompetition and nonsolicitation agreements			10,000				-				10,000
Goodwill			7,798,688				206,000				7,592,688
Total Intangible Assets			14,127,688				(225,000	)			14,352,688
Other Assets:
Accounts receivable			188,261				-				188,261
Prepaid expenses			-				-				-
Total Other Assets			188,261				-				188,261
Total Assets Acquired			16,503,634				(184,620	)			16,688,254
Liabilities Assumed
Accounts payable and accrued expenses			-				-				-
Asset retirement obligations			(40,380	)			(40,380	)			-
Other long-term liabilities			-				-				-
Total Liabilities Assumed			(40,380	)			(40,380	)			-
Total		$	16,463,254			$	(225,000	)		$	16,688,254

		Key Outdoor
		Dec. 31, 2018				Adjustments				Sept. 30, 2018
Assets Acquired
Property and Equipment:
Structures, displays, and equipment		$	9,603,838			$	38,357			$	9,565,481
Intangible Assets:
Customer relationships			7,692,000				-				7,692,000
Permits, licenses, and lease acquisition costs			1,184,000				-				1,184,000
Easements			-				-				-
Favorable leases			-				-				-
Noncompetition and nonsolicitation agreements			100,000				-				100,000
Goodwill			19,499,000				-				19,499,000
Total Intangible Assets			28,475,000				-				28,475,000
Other Assets:
Accounts receivable			-				-				-
Prepaid expenses			233,894				-				233,894
Total Other Assets			233,894				-				233,894
Total Assets Acquired			38,312,732				38,357				38,274,375
Liabilities Assumed
Accounts payable and accrued expenses			-				-				-
Asset retirement obligations			(78,838	)			(38,357	)			(40,481	)
Other long-term liabilities			-				-				-
Total Liabilities Assumed			(78,838	)			(38,357	)			(40,481	)
Total		$	38,233,894			$	-			$	38,233,894

		Waitt Outdoor
		Dec. 31, 2018				Adjustments				Sept. 30, 2018
Assets Acquired
Property and Equipment:
Structures, displays, and equipment		$	19,723,904			$	(377,726	)		$	20,101,630
Intangible Assets:
Customer relationships			12,696,000				-				12,696,000
Permits, licenses, and lease acquisition costs			5,341,000				-				5,341,000
Easements			454,563				-				454,563
Favorable leases			-				-				-
Noncompetition and nonsolicitation agreements			219,000				-				219,000
Goodwill			46,381,946				-				46,381,946
Total Intangible Assets			65,092,509				-				65,092,509
Other Assets:
Accounts receivable			1,239,457				-				1,239,457
Prepaid expenses			1,551,084				-				1,551,084
Total Other Assets			2,790,541				-				2,790,541
Total Assets Acquired			87,606,954				(377,726	)			87,984,680
Liabilities Assumed
Accounts payable and accrued expenses			(761,779	)			-				(761,779	)
Asset retirement obligations			(1,497,913	)			377,726				(1,875,639	)
Other long-term liabilities			(1,316,000	)			-				(1,316,000	)
Total Liabilities Assumed			(3,575,692	)			377,726				(3,953,418	)
Total		$	84,031,262			$	-			$	84,031,262

		Billboards
		Dec. 31, 2018				Adjustments				Sept. 30, 2018
Assets Acquired
Property and Equipment:
Structures, displays, and equipment		$	31,515,427			$	(298,989	)		$	31,814,416
Intangible Assets:
Customer relationships			24,820,000				-				24,820,000
Permits, licenses, and lease acquisition costs			7,418,000				-				7,418,000
Easements			601,563				147,000				454,563
Favorable leases			847,000				(578,000	)			1,425,000
Noncompetition and nonsolicitation agreements			329,000				-				329,000
Goodwill			73,679,634				206,000				73,473,634
Total Intangible Assets			107,695,197				(225,000	)			107,920,197
Other Assets:
Accounts receivable			1,427,718				-				1,427,718
Prepaid expenses			1,784,978				-				1,784,978
Total Other Assets			3,212,696				-				3,212,696
Total Assets Acquired			142,423,320				(523,989	)			142,947,309
Liabilities Assumed
Accounts payable and accrued expenses			(761,779	)			-				(761,779	)
Asset retirement obligations			(1,617,131	)			298,989				(1,916,120	)
Other long-term liabilities			(1,316,000	)			-				(1,316,000	)
Total Liabilities Assumed			(3,694,910	)			298,989				(3,993,899	)
Total		$	138,728,410			$	(225,000	)		$	138,953,410

		Billboards
		CCO Adjusted				Hartlind Adjusted				Southeastern US Adjusted				Subtotal
Assets Acquired
Property and Equipment:
Structures, displays, and equipment		$	798,900			$	960,350			$	1,962,729			$	3,721,979
Intangible Assets:
Customer relationships			939,900				155,700				1,222,000				2,317,600
Permits, licenses, and lease acquisition costs			112,100				85,300				136,500				333,900
Easements			-				161,380				-				161,380
Goodwill			1,132,544				1,454,270				4,392,717				6,979,531
Total Intangible Assets			2,184,544				1,856,650				5,751,217				9,792,411
Total Assets Acquired		$	2,983,444			$	2,817,000			$	7,713,946			$	13,514,390

		Insurance
		SSS				SCS				Freestate				Subtotal				Total
Assets Acquired
Property and Equipment:
Structures, displays, and equipment		$	-			$	-			$	-			$	-			$	3,721,979
Other equipment			-				4,236				-				4,236				4,236
Intangible Assets:
Customer relationships			153,000				1,045,000				23,000				1,221,000				3,538,600
Permits, licenses, and lease acquisition costs			-				-				-				-				333,900
Easements			-				-				-				-				161,380
Tradenames and trademarks			-				18,200				-				18,200				18,200
Noncompetition agreements			20,000				110,000				10,000				140,000				140,000
Goodwill			288,095				2,961,872				245,000				3,494,967				10,474,498
Total Intangible Assets			461,095				4,135,072				278,000				4,874,167				14,666,578
Other Assets
Cash			118,694				1,310,094				57,885				1,486,673				1,486,673
Accounts receivable			45,355				318,264				-				363,619				363,619
Other current assets			-				47,096				-				47,096				47,096
Total Other Assets			164,049				1,675,454				57,885				1,897,388				1,897,388
Total Assets Acquired			625,144				5,814,762				335,885				6,775,791				20,290,181
Liabilities Assumed
Accounts payable and accrued expenses			(164,701	)			(1,543,469	)			(42,885	)			(1,751,055	)			(1,751,055	)
Deferred revenue			(10,443	)			(116,177	)			-				(126,620	)			(126,620	)
Total Liabilities Assumed			(175,144	)			(1,659,646	)			(42,885	)			(1,877,675	)			(1,877,675	)
Redeemable Noncontrolling Interest			-				(1,246,535	)			-				(1,246,535	)			(1,246,535	)
Total		$	450,000			$	2,908,581			$	293,000			$	3,651,581			$	17,165,971

		Billboards
		Dec. 31, 2018				Adjustments				Dec. 31, 2017				Adjustments				Sept. 30, 2017
Assets Acquired
Property and Equipment
Structures, displays, and equipment		$	3,721,979				-			$	3,721,979			$	(1,264,521	)		$	4,986,500
Intangible Assets
Customer relationships			2,317,600				(314,000	)			2,631,600				(325,663	)			2,957,263
Permits, licenses, and lease acquisition costs			333,900				-				333,900				142,215				191,685
Easements			161,380				-				161,380				(78,620	)			240,000
Noncompetition and nonsolicitation agreements			-				-				-				(5,000	)			5,000
Goodwill			6,979,531				314,000				6,665,531				1,531,589				5,133,942
Total Intangible Assets			9,792,411				-				9,792,411				1,264,521				8,527,890
Total Assets Acquired		$	13,514,390			$	-			$	13,514,390			$	-			$	13,514,390

Business Combination, Separately Recognized Transactions [Table Text Block]

		Billboards
		LMSE				LMM				LMO				Total
Amortization of intangible assets acquired for the year ended December 31, 2018		$	688,889			$	900,800			$	1,603,300			$	3,192,989
Revenues since the acquisition date included in the consolidated statement of operations for the year ended December 31, 2018		$	853,018			$	1,947,895			$	4,468,421			$	7,269,334
Earnings since the acquisition date included in the consolidated statement of operations for the year ended December 31, 2018		$	(210,647	)		$	(418,705	)		$	(93,469	)		$	(722,821	)
Costs of acquisition included in professional fees in the consolidated statement of operations for the year ended December 31, 2018		$	170,856			$	177,658			$	195,325			$	543,839

		Billboards
		CCO				Hartlind				Southeastern US				Subtotal
Amortization of intangible assets acquired for the year ended December 31, 2017		$	324,510			$	55,389			$	301,036			$	680,935
Revenues since the acquisition date included in the consolidated statement of operations for the year ended December 31, 2017		$	863,463			$	321,745			$	503,169			$	1,688,377
Earnings since the acquisition date included in the consolidated statement of operations for the year ended December 31, 2017		$	(20,972	)		$	142,693			$	(101,945	)		$	19,776
Costs of acquisition included in professional fees in the consolidated statement of operations for the year ended December 31, 2017		$	23,218			$	17,395			$	50,993			$	91,606

		Insurance
		SSS				SCS				Freestate				Subtotal				Total
Amortization of intangible assets acquired for the year ended December 31, 2017		$	27,497			$	63,240			$	806			$	91,543			$	772,478
Revenues since the acquisition date included in the consolidated statement of operations for the year ended December 31, 2017		$	182,907			$	362,871			$	-			$	545,778			$	2,234,155
Earnings since the acquisition date included in the consolidated statement of operations for the year ended December 31, 2017		$	(56,548	)		$	(101,858	)		$	(18,365	)		$	(176,771	)		$	(156,995	)
Costs of acquisition included in professional fees in the consolidated statement of operations for the year ended December 31, 2017		$	28,293			$	64,945			$	728			$	93,966			$	185,572

Business Acquisition, Pro Forma Information [Table Text Block]

		For the Years Ended
		December 31,
		2018				2017
Revenue		$	33,512,852			$	32,458,401
Net Loss		$	(12,893,108	)		$	(12,077,257	)
Basic and Diluted Loss per Share		$	(0.65	)		$	(1.11	)
Basic and Diluted Weighted Average Class A and Class B Common Shares Outstanding			19,983,169				10,902,368

X

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
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Tabular disclosure of transactions that are recognized separately from the acquisition of assets and assumptions of liabilities in the business combination.

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- Definition

Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

+ References

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