Stock and Equity - As of March 22, 2024, there were approximately 30,299,408 shares of Class A common stock outstanding[14] - The company sold all 4,801,099 shares of Dream Finders Homes Class A common stock for gross proceeds of approximately $81 million since its IPO[20] - From January through April 2023, the company raised gross proceeds of approximately $37.5 million by selling 1,532,065 shares of Class A common stock through its ATM Program[39] - The company has the potential to raise up to $500 million in equity securities through its 2022 Shelf Registration Statement[39] - As of December 31, 2023, Sky Harbour's Class A common stock closed at $9.66 per share, with the company holding 13,118,474 shares and warrants for 7,719,779 shares at an exercise price of $11.50 per share[48] - The company owns approximately 20% of Sky Harbour's common stock, which is recorded under the equity method, and any drop below this ownership percentage may lead to mark-to-market accounting, affecting reported earnings[49] - Total investment in Sky Harbour amounts to $107.8 million, with significant purchases including $55 million for Class B Preferred Units and $45 million for additional Class A common stock[53] Financial Performance and Capital Needs - The company may need significant additional capital in the future to continue planned acquisitions, which could lead to substantial dilution for existing shareholders[38] - The company has incurred losses from operations since inception and anticipates continuing to do so for the foreseeable future[103] - The net loss from operations for the fiscal years ended December 31, 2023 and 2022 was approximately $8.9 million and $5.2 million, respectively[210] - The company expects its current cash to be sufficient to fund existing operations for at least the next 12 months[203] - As of December 31, 2023, the company had approximately $22 million in unrestricted cash and $18 million in short-term treasury securities[203] - The company may need to rely on Link for funds necessary to meet financial obligations, which could be affected by Link's debt servicing requirements[68] Business Operations and Strategy - The company generated revenues primarily through billboard advertising, surety insurance, and broadband services[32] - The company plans to expand its broadband services in Arizona, Florida, Nevada, and Utah, and continue to grow its billboard advertising business through acquisitions[31] - The company has expanded the licensing of its surety insurance business to all 50 states and the District of Columbia[31] - The company has made significant investments, including $5,016,494 for 100% membership interests in 24th Street and $19 million in CB&T Holding Corporation, representing 15.6% of its outstanding common stock[97][99] - The company acquired substantially all business assets of multiple broadband providers, including FibAire and Utah Broadband, enhancing its service offerings in rural areas[95] - The company is exploring further acquisitions in sectors with potential for durable profitability, including broadband services and surety insurance[123] - The company has made six acquisitions in the surety insurance sector, paying a combined purchase price of approximately $21.7 million and contributing $16.3 million in statutory capital to UCS[124] Market Conditions and Competition - The billboard advertising market is characterized by high regulatory barriers and low maintenance costs, providing a favorable environment for growth[92] - The company operates in a competitive outdoor advertising market dominated by three major players, which account for over 50% of total industry revenues[160] - The broadband services aim to provide high-speed internet to underserved communities, facing potential competition from major cable operators and new technologies like 5G[161] - The surety market is estimated at $8.6 billion based on 2022 industry reports, indicating a significant opportunity for the company in this sector[153] Management and Operational Challenges - The executive management team has limited experience in day-to-day operations in certain industries, which may impact operational efficiency and overall business performance[55] - Increased operating expenses from business expansion may negatively impact operating income, particularly through acquisitions, geographic expansion, and capital expenditures[51] - The company’s acquisitions are subject to risks and uncertainties regarding the realization of anticipated benefits and cost savings[179] Future Outlook and Growth - The company anticipates continued growth in demand for broadband services, driven by the rising need for higher bandwidth and faster connections[132] - The company has a strategy focused on acquiring additional billboard assets when opportunities arise at attractive prices relative to other investments[108] - The company is focusing on expanding its rural broadband business, targeting underserved communities in Arizona, Nevada, and Utah, where demand for higher speed internet is increasing[184] - The company plans to wind down its asset management operations and focus on self-funding and bank debt for its fiber business due to high costs and risks associated with fund financing[111] Employee and Organizational Structure - As of March 1, 2024, the company employed 463 individuals, with 304 in broadband operations, 88 in billboard operations, and 56 in insurance services[187] - The company controls approximately 42% of the aggregate voting power through its major shareholders, which may influence corporate transactions and policies[120] Investment and Financing - The company has entered contracts with home builders to expand fiber-to-the-home services in large residential developments[184] - The Term Loan has a fixed interest rate of 4.00% per annum and is payable in full on December 6, 2028[200] - The company may prepay up to 10% of the loan principal in each of the first three years without penalty[200] - The company is open to leveraging attractive terms for future borrowings to acquire assets or for general corporate purposes[204]

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the d ...

[Part I – Financial Information](index=4&type=section&id=Part%20I%20%E2%80%93%20Financial%20Information) [Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Consolidated%20Financial%20Statements%20(Unaudited)) Unaudited financials show total assets grew to **$773.2M** by June 2023, with a **$1.8M** net loss for six months despite **26.5%** revenue growth, driven by higher operating expenses [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to **$773.2M** by June 2023, driven by property, investments, and U.S. Treasury securities, while equity grew to **$600.5M** from stock issuance Consolidated Balance Sheet Highlights (Unaudited) | Balance Sheet Item | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $158,280,191 | $113,961,243 | | **Total Assets** | $773,195,572 | $687,802,899 | | **Total Liabilities** | $156,981,811 | $158,059,668 | | **Total Stockholders' Equity** | $600,546,059 | $514,030,210 | [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) Q2 2023 revenues rose **15.9%** to **$24.2M**, leading to a **$1.5M** net income due to other income, while six-month revenues grew **26.5%** to **$47.0M** but resulted in a **$1.8M** net loss Key Operating Results (Unaudited) | Metric | Q2 2023 | Q2 2022 | Six Months 2023 | Six Months 2022 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $24,216,394 | $20,895,016 | $47,032,179 | $37,187,963 | | **Net Loss from Operations** | ($1,642,904) | ($716,982) | ($4,619,696) | ($3,166,718) | | **Net Income (Loss) Attributable to Common Stockholders** | $1,541,612 | ($11,496,339) | ($1,779,542) | $4,806,254 | | **Diluted Net Income (Loss) per Share** | $0.05 | ($0.39) | ($0.06) | $0.16 | [Consolidated Statements of Cash Flows](index=12&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations was **$4.4M** for six months ended June 2023, with **$39.1M** used in investing and **$39.7M** provided by financing, resulting in a **$4.9M** net cash increase Summary of Cash Flows (Six Months Ended June 30) | Cash Flow Activity | 2023 | 2022 | | :--- | :--- | :--- | | **Net Cash Provided by (Used in) Operating Activities** | $4,363,708 | ($14,679,836) | | **Net Cash (Used in) Provided by Investing Activities** | ($39,149,019) | $110,796,471 | | **Net Cash Provided by (Used in) Financing Activities** | $39,696,268 | ($116,124,168) | | **Net Increase (Decrease) in Cash** | $4,910,957 | ($20,007,533) | [Notes to Consolidated Financial Statements](index=15&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail accounting policies, recent acquisitions like 24th Street Asset Management, four operating segments, capital stock, long-term debt, and a material weakness in internal controls over unconsolidated entities - The company operates in four main segments: outdoor advertising (Link Media), surety insurance (General Indemnity Group), broadband services (Boston Omaha Broadband), and asset management (Boston Omaha Asset Management)[123](index=123&type=chunk) - On May 1, 2023, the company acquired 100% of 24th Street Asset Management for cash and stock valued at **$5.0 million**, resulting in a non-cash gain of approximately **$4.6 million** from the remeasurement of its previously-held interest[285](index=285&type=chunk)[376](index=376&type=chunk)[377](index=377&type=chunk) - The company sold **1,532,065 shares** of Class A common stock under its ATM Program for gross proceeds of **$37.5 million** from January 1, 2023, through June 30, 2023[11](index=11&type=chunk) - As of June 30, 2023, the company's subsidiary Link Media had **$27.7 million** in term loan borrowings outstanding under its credit facility, and was in compliance with all financial covenants[24](index=24&type=chunk)[25](index=25&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=47&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management attributes **26.5%** revenue growth to broadband acquisitions and segment improvements, with net loss driven by higher operating costs, while maintaining strong liquidity via cash, treasuries, and an active ATM program [Overview](index=48&type=section&id=Overview) The company operates in outdoor advertising, broadband, surety insurance, and asset management, holding minority investments in real estate, auto lending, and aviation infrastructure, focusing on acquiring assets with sustainable earnings - As of June 30, 2023, the company operated approximately **4,000 billboards** with **7,600 advertising faces**[67](index=67&type=chunk) - The broadband business has expanded through acquisitions, including FibAire, UBB, InfoWest, and Go Fiber, serving customers in Arizona, Florida, Nevada, and Utah[69](index=69&type=chunk) - The company holds significant minority investments, including a **15.6% stake** in CB&T Holding Corporation (parent of Crescent Bank & Trust) and a substantial equity position in Sky Harbour Group Corporation[73](index=73&type=chunk)[74](index=74&type=chunk)[76](index=76&type=chunk) [Results of Operations](index=51&type=section&id=Results%20of%20Operations) Q2 2023 revenues grew **15.9%** to **$24.2M** with a **$1.5M** net income due to investment remeasurement, while six-month revenues increased **26.5%** to **$47.0M** but resulted in a **$1.8M** net loss due to higher costs Revenue by Source - Q2 Comparison (2023 vs 2022) | Revenue Source | Q2 2023 Amount | Q2 2022 Amount | YoY Change | | :--- | :--- | :--- | :--- | | Billboard rentals, net | $10,835,524 | $9,825,164 | +10.3% | | Broadband services | $8,695,235 | $8,078,580 | +7.6% | | Premiums earned | $3,458,627 | $2,407,523 | +43.7% | | **Total Revenues** | **$24,216,394** | **$20,895,016** | **+15.9%** | Revenue by Source - Six Months Comparison (2023 vs 2022) | Revenue Source | Six Months 2023 | Six Months 2022 | YoY Change | | :--- | :--- | :--- | :--- | | Billboard rentals, net | $21,137,747 | $18,963,313 | +11.5% | | Broadband services | $17,235,141 | $12,155,526 | +41.8% | | Premiums earned | $6,565,900 | $4,695,972 | +39.8% | | **Total Revenues** | **$47,032,179** | **$37,187,963** | **+26.5%** | - The increase in net loss from operations for both Q2 and the first six months of 2023 was primarily due to higher depreciation from the InfoWest and Go Fiber acquisitions and increased employee costs to support growth[240](index=240&type=chunk)[259](index=259&type=chunk) - Other income in Q2 2023 included a significant **$5.35 million** in equity income from unconsolidated affiliates, mainly from a non-cash gain on the remeasurement of the company's interest in 24th Street Asset Management[241](index=241&type=chunk) [Liquidity and Capital Resources](index=69&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$32M** cash and **$44M** short-term treasuries, funding capital through operations, debt, and **$37.5M** from its ATM program, supported by a **$500M** shelf registration for future growth - As of June 30, 2023, the company had approximately **$32 million** in unrestricted cash and **$44 million** in short-term treasury securities (excluding funds held by consolidated BOAM funds)[276](index=276&type=chunk)[318](index=318&type=chunk) - The company has a **$500 million** shelf registration statement effective May 2022 for issuing Class A common stock, preferred stock, debt, and warrants to fund general corporate purposes and acquisitions[280](index=280&type=chunk) - During the first six months of 2023, the company raised approximately **$37.5 million** in gross proceeds through its "at the market" (ATM) equity offering program[301](index=301&type=chunk) - The billboard subsidiary, Link, has a credit facility with **$27.7 million** in term loan borrowings outstanding as of June 30, 2023, with a fixed interest rate of **4.00%**[306](index=306&type=chunk)[307](index=307&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=77&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) This section is not applicable as the company is a "smaller reporting company," holding no significant derivative instruments or foreign currency risk as of June 30, 2023 - The company is a "smaller reporting company" and is therefore not required to provide these disclosures[345](index=345&type=chunk) - As of June 30, 2023, the company had no significant derivative instruments or exposure to foreign currency risk[340](index=340&type=chunk) [Controls and Procedures](index=77&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management concluded disclosure controls were ineffective as of June 30, 2023, due to a material weakness in accounting for unconsolidated entities, with a remediation plan underway - Management concluded that disclosure controls and procedures were not effective as of June 30, 2023[348](index=348&type=chunk) - A material weakness was identified related to the failure to design and implement effective controls for the complex accounting associated with investment companies, specifically the investment in the 24th Street Funds[348](index=348&type=chunk)[362](index=362&type=chunk) - A remediation plan is being implemented, which includes assessing risks, evaluating responsibilities, and providing additional training to address the material weakness[351](index=351&type=chunk) [Part II – Other Information](index=79&type=section&id=Part%20II%20%E2%80%93%20Other%20Information) [Legal Proceedings](index=79&type=section&id=Item%201.%20Legal%20Proceedings.) The company is involved in routine litigation, but management believes no pending legal matters will materially affect its financial condition or results of operations - The company states that none of its pending litigation is expected to have a material adverse effect on its financial condition, cash flows, or results of operations[359](index=359&type=chunk) [Risk Factors](index=79&type=section&id=Item%201A.%20Risk%20Factors.) A material weakness in internal control over financial reporting related to 24th Street Funds accounting was identified, potentially impacting accurate financial reporting, investor confidence, and stock price - A material weakness was identified in internal controls over financial reporting related to the accounting for the 24th Street Funds investment[362](index=362&type=chunk)[384](index=384&type=chunk) - The company warns that ineffective internal controls could lead to inaccurate financial statements, loss of investor confidence, a negative effect on the stock price, and potential regulatory sanctions[363](index=363&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=80&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) During H1 2023, the company issued **69,504** unregistered Class A common shares for compensation and as partial consideration for the 24th Street Asset Management acquisition, under Section 4(2) exemption - In Q1 2023, the company issued a total of **23,883 shares** of restricted Class A common stock for officer/director compensation and services rendered[387](index=387&type=chunk)[388](index=388&type=chunk) - On May 1, 2023, **45,644 shares** of Class A common stock were issued as partial consideration for the acquisition of the remaining interests in 24th Street Asset Management[389](index=389&type=chunk)

Part I – Financial Information [Item 1. Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Consolidated%20Financial%20Statements%20(Unaudited)) Unaudited Q1 2023 financials show total assets at $706.4 million, a $3.4 million net loss, and 40% revenue growth [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2023, total assets grew to $706.4 million, liabilities decreased, and equity increased to $538.5 million Consolidated Balance Sheet Summary (Unaudited) | Balance Sheet Items | March 31, 2023 ($) | December 31, 2022 ($) | | :--- | :--- | :--- | | **Total Current Assets** | $138,424,670 | $113,961,243 | | **Total Assets** | **$706,356,202** | **$683,717,859** | | **Total Current Liabilities** | $50,417,493 | $52,978,740 | | **Total Liabilities** | **$152,188,736** | **$157,068,480** | | **Total Equity** | **$538,510,566** | **$510,936,358** | [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) Q1 2023 net loss was $3.3 million ($0.11 per share) due to a non-recurring SPAC gain absence, despite 40% revenue growth Q1 2023 vs. Q1 2022 Statement of Operations (Unaudited) | Metric | Q1 2023 ($) | Q1 2022 ($) | | :--- | :--- | :--- | | **Total Revenues** | $22,815,785 | $16,292,947 | | **Net Loss from Operations** | ($2,976,792) | ($2,449,736) | | **Gain on deconsolidation of SPAC** | - | $24,977,740 | | **Net (Loss) Income Attributable to Common Stockholders** | **($3,321,154)** | **$16,302,593** | | **Diluted Net (Loss) Income per Share** | **($0.11)** | **$0.55** | [Consolidated Statements of Cash Flows](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Q1 2023 operating cash flow was $1.4 million, investing activities used $37.8 million, and financing provided $30.3 million Cash Flow Summary (Unaudited) | Cash Flow Activity | Three Months Ended March 31, 2023 ($) | Three Months Ended March 31, 2022 ($) | | :--- | :--- | :--- | | Net Cash Provided by (Used in) Operating Activities | $1,368,181 | ($15,677,555) | | Net Cash (Used in) Provided by Investing Activities | ($37,844,737) | $157,990,849 | | Net Cash Provided by (Used in) Financing Activities | $30,333,692 | ($121,684,048) | | **Net (Decrease) Increase in Cash** | **($6,142,864)** | **$20,629,246** | [Notes to Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes provide detailed disclosures on accounting policies, business segments, acquisitions, investments, and ATM stock offerings - The company's operations include outdoor advertising (Link Media), surety insurance (General Indemnity Group), broadband services (Boston Omaha Broadband), and minority investments[15](index=15&type=chunk) - No business acquisitions were completed in the first quarter of 2023. The company's 2022 acquisitions included broadband providers InfoWest & Go Fiber for **$48.6 million** and outdoor advertiser Elevation for **$14.2 million**[51](index=51&type=chunk)[72](index=72&type=chunk)[360](index=360&type=chunk) - The company's **22.95% equity investment** in Sky Harbour is accounted for under the equity method. As of March 31, 2023, management concluded no other-than-temporary impairment was necessary. If accounted for at fair value, the investment would be valued at approximately **$94.3 million**[89](index=89&type=chunk)[90](index=90&type=chunk)[115](index=115&type=chunk) - In Q1 2023, the company sold **1,097,824 shares** of Class A common stock under its ATM Program for gross proceeds of **$28.1 million**. Subsequent to quarter-end, it sold an additional **433,396 shares** for net proceeds of approximately **$9.1 million**[141](index=141&type=chunk)[204](index=204&type=chunk) - On May 1, 2023, the company's subsidiary, Boston Omaha Asset Management, LLC, acquired the remaining **52% of membership interests** in 24th Street Asset Management LLC for approximately **$5.0 million** in cash and stock[160](index=160&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.](index=42&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management discusses 40% revenue growth, explains net loss, and highlights strong liquidity and an acquisition strategy for billboards, insurance, and broadband [Results of Operations](index=46&type=section&id=Results%20of%20Operations) Q1 2023 total revenues grew 40% to $22.8 million, driven by broadband, billboard, and insurance, with net loss from operations widening to $3.0 million Revenue by Source (Q1 2023 vs. Q1 2022) | Revenue Source | Q1 2023 ($) | Q1 2022 ($) | % Change (%) | | :--- | :--- | :--- | :--- | | Billboard rentals, net | $10,302,223 | $9,138,149 | +12.7% | | Broadband services | $8,539,906 | $4,076,946 | +109.5% | | Premiums earned | $3,107,273 | $2,288,449 | +35.8% | | Insurance commissions | $476,126 | $697,200 | -31.7% | | **Total Revenues** | **$22,815,785** | **$16,292,947** | **+40.0%** | - The net loss attributable to common stockholders was **$3.3 million** in Q1 2023, compared to a net income of **$16.3 million** in Q1 2022. The difference is primarily due to a **$25.0 million gain** on deconsolidation of a SPAC in 2022 and a **$5.0 million equity loss** from the Sky Harbour investment in 2023[225](index=225&type=chunk)[286](index=286&type=chunk) [Results of Operations by Segment](index=50&type=section&id=Results%20of%20Operations%20by%20Segment) Billboard segment revenue grew 12.7% with increased income, Broadband revenue surged 109.5% but operating loss widened, and Insurance revenue grew 29.1% swinging to operating income Segment Performance (Q1 2023 vs. Q1 2022) | Segment | Revenue (Q1 2023) ($) | Revenue (Q1 2022) ($) | Segment Income (Loss) from Operations (Q1 2023) ($) | Segment Income (Loss) from Operations (Q1 2022) ($) | | :--- | :--- | :--- | :--- | :--- | | **Billboard (LMH)** | $10,302,223 | $9,138,149 | $1,332,110 | $1,009,980 | | **Broadband (BOB)** | $8,539,906 | $4,076,946 | ($1,699,366) | ($423,701) | | **Insurance (GIG)** | $3,973,656 | $3,077,852 | $229,721 | ($194,182) | [Liquidity and Capital Resources](index=54&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains liquidity through cash, short-term investments, operating cash flow, an ATM stock program, and a credit facility - As of March 31, 2023, the company had approximately **$16 million** in unrestricted cash and **$58 million** in short-term treasury securities[415](index=415&type=chunk) - The company has an active "at the market" (ATM) offering program to sell up to **$100 million** in Class A common stock. In Q1 2023, it raised gross proceeds of approximately **$28.1 million** through this program[245](index=245&type=chunk)[271](index=271&type=chunk) - The Link subsidiary has a credit facility with a **$30 million term loan**, of which **$28.1 million** was outstanding as of March 31, 2023. The loan has a fixed interest rate of **4.00%** and is subject to financial covenants, with which the company was in compliance[247](index=247&type=chunk)[279](index=279&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk.](index=62&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) As a "smaller reporting company," this item is not applicable; primary market risks relate to publicly traded securities and debt interest rates - The company is a "smaller reporting company" and is not required to provide these disclosures[389](index=389&type=chunk)[410](index=410&type=chunk) - The company's main market risks stem from its portfolio of marketable equity securities and interest rate risk associated with its debt[417](index=417&type=chunk) [Item 4. Controls and Procedures.](index=62&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management concluded disclosure controls and procedures were effective as of March 31, 2023, with no material changes to internal control over financial reporting - Management concluded that as of March 31, 2023, the company's disclosure controls and procedures were effective[419](index=419&type=chunk) - No material changes were made to internal controls over financial reporting during the first quarter of 2023[408](index=408&type=chunk) Part II – Other Information [Item 1. Legal Proceedings.](index=64&type=section&id=Item%201.%20Legal%20Proceedings.) The company is involved in routine litigation, but no pending legal matters are expected to materially adversely affect financial condition or results - The company is subject to routine litigation from time to time, but none is expected to be materially adverse[421](index=421&type=chunk) [Item 1A. Risk Factors.](index=64&type=section&id=Item%201A.%20Risk%20Factors.) As a "smaller reporting company," this item is not applicable; the company refers to its 2022 Form 10-K for risk factors - Not applicable as the company is a "smaller reporting company." For risk factors, the company refers to its 2022 Form 10-K[410](index=410&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.](index=64&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) In Q1 2023, the company issued restricted Class A common stock to officers and directors as compensation for services rendered - On January 3, 2023, an aggregate of **19,319 shares** of restricted Class A common stock were issued to officers and directors for services rendered[377](index=377&type=chunk) [Other Items (3, 4, 5, 6)](index=64&type=section&id=Other%20Items%20(3%2C%204%2C%205%2C%206)) No information was reported for Item 3, Item 4, or Item 5; Item 6 lists the exhibits filed with the report - No information was reported for Item 3 (Defaults Upon Senior Securities), Item 4 (Mine Safety Disclosures), or Item 5 (Other Information)[378](index=378&type=chunk)[411](index=411&type=chunk)[422](index=422&type=chunk)

Part I [Business](index=7&type=section&id=Item%201.%20Business) Boston Omaha Corporation operates in outdoor advertising, surety insurance, broadband services, and asset management - The company operates four primary business lines: outdoor billboard advertising, surety insurance and brokerage, broadband services, and asset management[211](index=211&type=chunk) - As of December 31, 2022, the company operated approximately **4,000 billboards** with 7,600 advertising faces, and its surety subsidiary is licensed in all 50 states[213](index=213&type=chunk)[216](index=216&type=chunk) - The broadband segment has grown through acquisitions of providers in Arizona and Utah and the launch of Fiber Fast Homes, LLC (FFH)[218](index=218&type=chunk) - The company holds several minority investments, including a **15.6% stake** in CB&T Holding Corporation and a significant investment in Sky Harbour Group Corporation[224](index=224&type=chunk)[225](index=225&type=chunk) - A key business objective is to continue acquiring additional assets in its core segments when available at attractive prices[213](index=213&type=chunk) [Risk Factors](index=24&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks from operating losses, acquisition integration, key personnel, and significant investment impairments - The company has a history of incurring losses from operations, with **net losses from operations of $5.3 million in 2022** and **$23.8 million in 2021**[376](index=376&type=chunk)[377](index=377&type=chunk) - A significant risk is the potential for material impairment charges on its investment in Sky Harbour Group Corporation if its stock price drops below the carrying value of **$8.15 per share**[390](index=390&type=chunk)[423](index=423&type=chunk) - There is a risk of being deemed an investment company under the Investment Company Act of 1940 due to significant minority investments[438](index=438&type=chunk) - Entities managed by the Co-CEOs control approximately **44.2% of the aggregate voting power**, effectively controlling all stockholder matters[31](index=31&type=chunk) - The company does not intend to pay dividends for the foreseeable future, and return on investment will depend on stock price appreciation[67](index=67&type=chunk)[2](index=2&type=chunk) - The insurance subsidiary is subject to extensive state regulation, including restrictions on its ability to pay dividends to the parent company[562](index=562&type=chunk)[566](index=566&type=chunk) [Unresolved Staff Comments](index=56&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None[18](index=18&type=chunk) [Properties](index=56&type=section&id=Item%202.%20Properties) The company leases most of its office and billboard locations while owning some land for its broadband business - The company's corporate headquarters is in Omaha, Nebraska, and it maintains various leased offices with expirations from 2023 to 2042[475](index=475&type=chunk) - The majority of billboard sites are leased from third parties, with lease terms typically ranging from one to twenty years[302](index=302&type=chunk)[475](index=475&type=chunk) [Legal Proceedings](index=56&type=section&id=Item%203.%20Legal%20Proceedings) Management believes no pending litigation will materially affect the company's financial condition - The company is involved in routine litigation from time to time, but management does not expect any pending proceedings to have a material adverse effect on its financial condition[476](index=476&type=chunk) [Mine Safety Disclosures](index=56&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - Not applicable[478](index=478&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=56&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's Class A stock trades on the NYSE, with no plans for dividends as earnings are retained for growth - The company's Class A common stock trades on the NYSE under the symbol **"BOC"** as of January 14, 2022[481](index=481&type=chunk) - As of March 20, 2023, there were **29,764,994 Class A shares** and **1,055,560 Class B shares** outstanding[484](index=484&type=chunk) - The company has never paid cash dividends and does not intend to in the foreseeable future, retaining earnings to finance business growth[487](index=487&type=chunk) - In August 2022, shareholders approved the 2022 Incentive Plan, and in January 2023, **20,896 shares** were granted to officers and directors[491](index=491&type=chunk) [Selected Financial Data](index=57&type=section&id=Item%206.%20Selected%20Financial%20Data) This item is not applicable as the company is a "smaller reporting company" - Not applicable as the company is a "smaller reporting company"[493](index=493&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=58&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Fiscal 2022 revenue grew 42.6% to $81.2 million, driven by broadband, while net income declined due to prior-year investment gains Fiscal Year 2022 vs. 2021 Revenue Breakdown | Revenues | 2022 Amount | % of Total | 2021 Amount | % of Total | $ Variance | |:---|---:|---:|---:|---:|---:| | Billboard rentals, net | $39,244,726 | 48.3% | $31,499,235 | 55.3% | $7,745,491 | | Broadband services | $28,627,271 | 35.3% | $15,234,266 | 26.7% | $13,393,005 | | Premiums earned | $10,649,089 | 13.1% | $7,686,400 | 13.5% | $2,962,689 | | Insurance commissions | $2,050,838 | 2.5% | $2,212,849 | 3.9% | ($162,011) | | Investment and other income | $662,270 | 0.8% | $339,061 | 0.6% | $323,209 | | **Total Revenues** | **$81,234,194** | **100.0%** | **$56,971,811** | **100.0%** | **$24,262,383** | - Net loss from operations decreased to **$5.2 million** in fiscal 2022 from **$23.8 million** in fiscal 2021, primarily due to management bonus payments of **$15 million** recognized in 2021[112](index=112&type=chunk)[97](index=97&type=chunk) Net Income Attributable to Common Stockholders | Metric | Fiscal 2022 | Fiscal 2021 | |:---|---:|---:| | Net Income Attributable to Common Stockholders | $7,139,548 | $52,748,177 | | Diluted EPS | $0.24 | $1.82 | | Diluted Weighted Average Shares Outstanding | 29,766,247 | 29,046,514 | - As of December 31, 2022, the company had approximately **$25 million in unrestricted cash** and **$34 million in short-term treasury securities**[139](index=139&type=chunk)[196](index=196&type=chunk) - The company utilizes an "at the market" (ATM) equity offering program, raising approximately **$28.1 million** in gross proceeds in early 2023[177](index=177&type=chunk) [Results of Billboard Operations](index=66&type=section&id=Results%20of%20Billboard%20Operations) Billboard revenues grew 24.6% in 2022, driven by acquisitions and improved rental and occupancy rates - Net billboard revenues increased by **24.6%** in fiscal 2022, driven by acquisitions and improved rental and occupancy rates[120](index=120&type=chunk) Billboard Segment Performance (2022 vs. 2021) | Metric | 2022 | 2021 | |:---|---:|---:| | Billboard rentals, net | $39,244,726 | $31,499,235 | | Gross margin | $24,849,099 | $19,404,401 | | Gross margin % | 63.3% | 61.6% | | Segment Income from Operations | $5,734,917 | $2,744,468 | [Results of Broadband Operations](index=67&type=section&id=Results%20of%20Broadband%20Operations) Broadband revenues increased 87.9% in 2022, primarily reflecting revenues from recent acquisitions - Broadband operating revenues increased by **87.9%** in fiscal 2022, primarily reflecting revenues from the InfoWest and Go Fiber acquisitions[126](index=126&type=chunk) Broadband Segment Performance (2022 vs. 2021) | Metric | 2022 | 2021 | |:---|---:|---:| | Broadband revenues | $28,627,271 | $15,234,266 | | Gross margin | $21,088,770 | $11,920,506 | | Gross margin % | 73.7% | 78.2% | | Segment (Loss) Income from Operations | ($2,241,926) | $391,356 | [Results of Insurance Operations](index=68&type=section&id=Results%20of%20Insurance%20Operations) Insurance revenues grew 30.5% in 2022, driven by a significant increase in earned premiums - Insurance operating revenues increased by **30.5%** in fiscal 2022, mainly due to a **38.5% increase** in earned premiums at the UCS insurance subsidiary[132](index=132&type=chunk) Insurance Segment Performance (2022 vs. 2021) | Metric | 2022 | 2021 | |:---|---:|---:| | Total operating revenues | $13,362,197 | $10,238,310 | | Gross margin | $8,606,614 | $7,055,813 | | Gross margin % | 64.4% | 68.9% | | Segment Income (Loss) from Operations | $1,083,247 | ($778,703) | - Losses and loss adjustment expenses increased as a percentage of insurance revenues from **8.4% in 2021 to 11.5% in 2022**[134](index=134&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=81&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This item is not applicable as the company is a "smaller reporting company" - Not applicable as the company is a "smaller reporting company"[272](index=272&type=chunk) [Financial Statements and Supplementary Data](index=81&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section contains the company's audited consolidated financial statements and related notes for fiscal years 2022 and 2021 - The independent auditor's report from KPMG LLP provides an opinion that the consolidated financial statements present fairly in conformity with U.S. GAAP[394](index=394&type=chunk)[359](index=359&type=chunk) - The auditor identified two critical audit matters: evaluating the fair value of acquired intangible assets and estimating insurance loss reserves[362](index=362&type=chunk)[396](index=396&type=chunk)[400](index=400&type=chunk) [Notes to Consolidated Financial Statements](index=106&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of accounting policies and financial details underlying the consolidated statements - The company's goodwill is tested for impairment annually on October 1st, and **no impairment was required** in 2022 or 2021[595](index=595&type=chunk)[598](index=598&type=chunk) - In April 2022, the company acquired InfoWest and Go Fiber for an aggregate purchase price of **$48.6 million**, adding **$18.1 million in goodwill**[363](index=363&type=chunk)[667](index=667&type=chunk) - The company's investment in Sky Harbour Group Corporation is accounted for under the equity method and was determined to not be impaired[732](index=732&type=chunk) - As of December 31, 2022, the company had federal net operating loss (NOL) carryforwards of approximately **$25.4 million**[13](index=13&type=chunk)[891](index=891&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=81&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) This item is not applicable to the company - Not applicable[273](index=273&type=chunk) [Controls and Procedures](index=82&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and internal control over financial reporting were effective - Management concluded that as of December 31, 2022, the company's disclosure controls and procedures were effective[51](index=51&type=chunk) - Management concluded that the company's internal control over financial reporting was effective as of December 31, 2022, based on the COSO 2013 framework[278](index=278&type=chunk) - The assessment of internal controls excluded the recently acquired InfoWest and GoFiber businesses, in accordance with SEC guidance[276](index=276&type=chunk) [Other Information](index=83&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[284](index=284&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=83&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) This information is incorporated by reference from the company's 2023 Definitive Proxy Statement - Information is incorporated by reference to the company's Definitive Proxy Statement for the 2023 Annual Meeting of Stockholders[285](index=285&type=chunk) [Executive Compensation](index=83&type=section&id=Item%2011.%20Executive%20Compensation) This information is incorporated by reference from the company's 2023 Definitive Proxy Statement - Information is incorporated by reference to the company's Definitive Proxy Statement for the 2023 Annual Meeting of Stockholders[286](index=286&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=83&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) This information is incorporated by reference from the company's 2023 Definitive Proxy Statement - Information is incorporated by reference to the company's Definitive Proxy Statement for the 2023 Annual Meeting of Stockholders[287](index=287&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=83&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) This information is incorporated by reference from the company's 2023 Definitive Proxy Statement - Information is incorporated by reference to the company's Definitive Proxy Statement for the 2023 Annual Meeting of Stockholders[288](index=288&type=chunk) [Principal Accountant Fees and Services](index=83&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) This information is incorporated by reference from the company's 2023 Definitive Proxy Statement - Information is incorporated by reference to the company's Definitive Proxy Statement for the 2023 Annual Meeting of Stockholders[98](index=98&type=chunk)[289](index=289&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=84&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the financial statements, schedules, and exhibits filed as part of the annual report - This section includes the consolidated financial statements and the report of the Independent Registered Public Accounting Firm[344](index=344&type=chunk) - An Exhibit Index is provided, listing all exhibits filed with the report, including material contracts and required certifications[345](index=345&type=chunk)[347](index=347&type=chunk) [Form 10-K Summary](index=84&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company has elected not to include a summary for this item - The Company has determined not to include a summary of information required by Item 16[290](index=290&type=chunk)

Part I – Financial Information [Item 1. Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Consolidated%20Financial%20Statements%20(Unaudited)%2E) This section presents unaudited consolidated financial statements, showing asset decreases and a sharp decline in net income despite revenue growth [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased to $674.7 million from $807.1 million, primarily due to SPAC deconsolidation, while equity remained stable Consolidated Balance Sheet Highlights (Unaudited) | Metric | Sep 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Total Current Assets** | $130,889,226 | $390,709,928 | | **Total Assets** | $674,659,150 | $807,053,793 | | **Total Current Liabilities** | $52,435,229 | $54,025,683 | | **Total Liabilities** | $159,313,479 | $166,458,071 | | **Total Stockholders' Equity** | $499,961,486 | $496,325,219 | [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) Revenues grew to $58.6 million, but net income sharply declined to $3.4 million due to investment losses offsetting revenue gains Statement of Operations Summary (Nine Months Ended Sep 30) | Metric | 2022 | 2021 | | :--- | :--- | :--- | | **Total Revenues** | $58,635,509 | $41,883,047 | | **Net Loss from Operations** | ($4,961,915) | ($5,340,248) | | **Other investment (loss) income** | ($14,777,985) | $85,694,668 | | **Gain on deconsolidation of SPAC** | $24,977,740 | - | | **Net Income Attributable to Common Stockholders** | $3,397,733 | $66,799,096 | | **Diluted Net Income per Share** | $0.11 | $2.32 | Statement of Operations Summary (Three Months Ended Sep 30) | Metric | 2022 | 2021 | | :--- | :--- | :--- | | **Total Revenues** | $21,447,546 | $14,498,147 | | **Net Loss Attributable to Common Stockholders** | ($1,408,521) | ($26,276,094) | | **Diluted Net Loss per Share** | ($0.05) | ($0.89) | [Consolidated Statements of Changes in Stockholders' Equity](index=9&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity) Total stockholders' equity increased to $500.0 million, primarily driven by the period's net income - Total Stockholders' Equity grew to **$499,961,486** as of September 30, 2022, from **$496,325,219** at the end of 2021[28](index=28&type=chunk) - The primary driver for the equity increase during the first nine months of 2022 was the net income attributable to common stockholders of **$3,397,733**[22](index=22&type=chunk)[28](index=28&type=chunk) [Consolidated Statements of Cash Flows](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash decreased by $21.0 million, with operating activities using cash, investing activities providing, and financing activities using significant amounts Cash Flow Summary (Nine Months Ended Sep 30) | Metric | 2022 | 2021 | | :--- | :--- | :--- | | **Net Cash (Used in) Provided by Operating Activities** | ($9,575,058) | $6,620,097 | | **Net Cash Provided by Investing Activities** | $104,613,633 | $10,564,107 | | **Net Cash (Used in) Provided by Financing Activities** | ($116,015,206) | $52,177,885 | | **Net (Decrease) Increase in Cash** | ($20,976,631) | $69,362,089 | [Notes to Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section details accounting policies, business acquisitions like InfoWest & Go Fiber, intangible assets, investments, debt, and SPAC deconsolidation - The company's operations include outdoor advertising (Link Media), surety insurance (General Indemnity Group), and broadband services (Fiber is Fast, LLC), along with minority investments[38](index=38&type=chunk) - On April 1, 2022, the company acquired fiber and wireless internet service providers InfoWest and Go Fiber for a total purchase price of **$48.6 million**, adding over **20,000 customers**[72](index=72&type=chunk)[73](index=73&type=chunk) - The company deconsolidated its special purpose acquisition company, Yellowstone, on January 25, 2022, following its business combination with Sky Harbour, resulting in a non-cash gain of **$25.0 million**[171](index=171&type=chunk) - As of September 30, 2022, the company holds a **22.96%** equity investment in Sky Harbour Group Corporation, accounted for under the equity method[171](index=171&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=49&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations%2E) Management discusses strong revenue growth across segments, a sharp decline in net income due to investment losses, and sufficient liquidity for the next 12 months [Overview](index=50&type=section&id=Overview) The company operates in outdoor advertising, broadband, and surety insurance, pursuing market expansion through acquisitions and organic growth - The company's primary businesses are outdoor advertising (Link Media), surety insurance (GIG), and broadband services (FIF)[181](index=181&type=chunk)[182](index=182&type=chunk)[183](index=183&type=chunk) - A key business objective is to acquire additional billboard assets, and as of September 30, 2022, the company operated approximately **3,900 billboards** with **7,400 advertising faces**[181](index=181&type=chunk) - The broadband business was significantly expanded in April 2022 with the acquisition of InfoWest and Go Fiber, adding over **20,000 customers**[183](index=183&type=chunk) [Results of Operations](index=54&type=section&id=Results%20of%20Operations) Total revenues increased 40.0% to $58.6 million, but net income significantly declined due to investment losses compared to prior year gains Revenue Comparison (Nine Months Ended Sep 30) | Metric | 2022 | 2021 | Change | | :--- | :--- | :--- | :--- | | **Total Revenues** | $58,635,509 | $41,883,047 | +40.0% | | Billboard Rentals, net | $28,906,159 | $23,129,582 | +25.0% | | Broadband Services | $20,258,461 | $11,329,220 | +78.8% | | Premiums Earned | $7,556,423 | $5,554,297 | +36.0% | - The increase in broadband revenue was mainly driven by the InfoWest and Go Fiber acquisitions completed in April 2022[228](index=228&type=chunk) - Net income for the first nine months of 2022 was **$3.4 million**, a significant decrease from **$66.8 million** in the prior year, primarily due to a **$14.8 million** investment loss in 2022 versus an **$85.7 million** investment gain in 2021[241](index=241&type=chunk)[244](index=244&type=chunk) [Liquidity and Capital Resources](index=71&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains sufficient liquidity with $39 million cash and $38 million securities, supported by a $500 million shelf registration for future growth - As of September 30, 2022, the company had approximately **$39 million** in unrestricted cash and **$38 million** in U.S. Treasury trading securities[294](index=294&type=chunk) - A shelf registration statement filed in April 2022 allows the company to offer up to **$500 million** in various securities to fund future growth and acquisitions[299](index=299&type=chunk) - The Link subsidiary has a term loan with **$28.9 million** outstanding as of September 30, 2022, with covenants including leverage and fixed charge coverage ratios[307](index=307&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=59&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk%2E) This item is not applicable as the company qualifies as a "smaller reporting company" - The company is a "smaller reporting company" and is therefore not required to provide these disclosures[336](index=336&type=chunk) [Item 4. Controls and Procedures](index=59&type=section&id=Item%204.%20Controls%20and%20Procedures%2E) Management concluded disclosure controls and procedures were effective, excluding recently acquired businesses currently undergoing integration - Management concluded that disclosure controls and procedures were effective as of September 30, 2022[338](index=338&type=chunk) - The assessment of internal controls over financial reporting excluded the recently acquired InfoWest and Go Fiber businesses, as permitted for up to one year post-acquisition[340](index=340&type=chunk) Part II – Other Information [Item 1. Legal Proceedings](index=60&type=section&id=Item%201.%20Legal%20Proceedings%2E) The company is involved in routine litigation, none of which is expected to materially impact financial condition or operations - The company states that no pending litigation is expected to have a material adverse effect on its financial condition or operations[346](index=346&type=chunk) [Item 1A. Risk Factors](index=60&type=section&id=Item%201A.%20Risk%20Factors%2E) This item is not applicable as the company is a "smaller reporting company," with risk factors detailed in its Annual Report on Form 10-K - As a "smaller reporting company," this section is not applicable; risk factors are detailed in the Annual Report on Form 10-K[347](index=347&type=chunk) [Other Items (2, 3, 4, 5, 6)](index=60&type=section&id=Other%20Items%20(2%2C%203%2C%204%2C%205%2C%206)) The company reported no unregistered sales of equity securities, defaults on senior securities, or other material information, with exhibits indexed in Item 6 - The company reported no unregistered sales of equity securities, defaults upon senior securities, or other material information for the period[349](index=349&type=chunk)[351](index=351&type=chunk)[355](index=355&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38113 BOSTON OMAHA CORPORATION (Exact Name of Registrant as Specified in Its Charter) Delaware 27-0788438 (State o ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38113 BOSTON OMAHA CORPORATION (Exact Name of Registrant as Specified in Its Charter) Delaware 27-0788438 (State ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (MARK ONE) ☒ ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38113 BOSTON OMAHA CORPORATION (Exact name of registrant as specified in its charter) Delaware 27-0788438 (State or other jurisdic ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38113 BOSTON OMAHA CORPORATION (Exact Name of Registrant as Specified in Its Charter) Delaware 27-0788438 (St ...