Gaia (GAIA) 10-Q6 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 02, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Trading Symbol	GAIA
Entity Registrant Name	GAIA, INC
Entity Central Index Key	0001089872
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	000-27517
Entity Tax Identification Number	84-1113527
Entity Address, Address Line One	833 WEST SOUTH BOULDER ROAD
Entity Address, City or Town	LOUISVILLE
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80027
City Area Code	303
Local Phone Number	222-3600
Entity Interactive Data Current	Yes
Title of 12(b) Security	Class A Common Stock
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	CO
Document Quarterly Report	true
Document Transition Report	false
Class A Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		18,046,018
Class B Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,400,000

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 8,599	$ 7,766
Restricted cash	4,000
Accounts receivable	4,738	4,111
Other receivables	2,248	2,191
Prepaid expenses and other current assets	1,875	2,015
Total current assets	21,460	16,083
Media library, net	39,296	40,125
Operating right-of-use asset, net	6,082	6,288
Property and equipment, net	25,672	26,303
Equity method investment		6,374
Investments and other assets, net	9,389	3,157
Goodwill	31,943	31,943
Total assets	133,842	130,273
Current liabilities:
Accounts payable	11,368	12,038
Accrued and other liabilities	5,734	2,599
Long-term debt, current portion	156	155
Operating lease liability, current portion	795	780
Deferred revenue	17,815	15,861
Total current liabilities	35,868	31,433
Long-term debt, net of current portion (Note 4)	5,762	5,801
Operating lease liability, net of current portion	5,503	5,708
Deferred taxes, net	551	551
Total liabilities	47,684	43,493
Commitments and Contingencies (Note 8)
Shareholders equity:
Additional paid-in capital	171,044	170,695
Accumulated deficit	(86,240)	(85,195)
Total Gaia, Inc. shareholders' equity	84,807	85,503
Noncontrolling interests	1,351	1,277
Total equity	86,158	86,780
Total liabilities and equity	133,842	130,273
Class A Common Stock [Member]
Shareholders equity:
Common stock	2	2
Class B Common Stock [Member]
Shareholders equity:
Common stock	$ 1	$ 1

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Class A Common Stock [Member]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	17,825,331	17,813,179
Common stock, shares outstanding	17,760,526	17,748,374
Class B Common Stock [Member]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	5,400,000	5,400,000
Common stock, shares outstanding	5,400,000	5,400,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenues, net	$ 21,693	$ 19,647
Cost of revenues	3,168	2,773
Gross profit	18,525	16,874
Operating Expenses:
Selling and operating	17,759	16,123
Corporate, general and administration	1,629	1,773
Total operating expenses	19,388	17,896
Loss from operations	(863)	(1,022)
Equity method investment loss		(125)
Interest and other expense, net	(108)	(121)
Loss before income taxes	(971)	(1,268)
Net loss	(971)	(1,268)
Net income attributable to noncontrolling interests	74	38
Net loss attributable to common shareholders	$ (1,045)	$ (1,306)
Basic
Continuing operations (attributable to common shareholders)	$ (0.05)	$ (0.06)
Basic loss per share	(0.05)	(0.06)
Diluted
Continuing operations (attributable to common shareholders)	(0.05)	(0.06)
Diluted loss per share	$ (0.05)	$ (0.06)
Weighted-average shares outstanding:
Basic	23,161	20,826
Diluted	23,161	20,826

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Equity (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Accumulated Deficit	Additional Paid-in Capital	Noncontrolling Interest
Beginning balance at Dec. 31, 2022	$ 85,859	$ 2	$ (79,393)	$ 164,180	$ 1,070
Beginning balance (in shares) at Dec. 31, 2022		20,806,186
Issuance of Gaia, Inc. common stock for RSU releases and share-based compensation	104			104
Issuance of Gaia, Inc. common stock for RSU releases and share-based compensation (in shares)		19,606
Share-based compensation	82
Net Income (Loss)	(1,268)		(1,306)		38
Ending balance at Mar. 31, 2023	84,695	$ 2	(80,699)	164,284	1,108
Ending balance (in shares) at Mar. 31, 2023		20,825,792
Beginning balance at Dec. 31, 2023	86,780	$ 3	(85,195)	170,695	1,277
Beginning balance (in shares) at Dec. 31, 2023		23,148,374
Issuance of Gaia, Inc. common stock for employee stock purchase plan	14			14
Issuance of Gaia, Inc. common stock for employee stock purchase plan, Shares		7,444
Issuance of Gaia, Inc. common stock for RSU releases		4,708
Share-based compensation	335			335
Net Income (Loss)	(971)		(1,045)		74
Ending balance at Mar. 31, 2024	$ 86,158	$ 3	$ (86,240)	$ 171,044	$ 1,351
Ending balance (in shares) at Mar. 31, 2024		23,160,526

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (971)	$ (1,268)
Adjustments to reconcile net loss to net cash provided by operating activities:
Media library amortization	2,455	2,169
Depreciation and amortization	2,011	1,989
Noncash operating lease expense	206	207
Share-based compensation expense	335	82
Additions to media library	(1,643)	(2,452)
Equity method investment losses		125
Changes in operating assets and liabilities:
Accounts receivable	(627)	113
Other receivables	(57)	(509)
Prepaid expenses and other current assets	157	(131)
Accounts payable	(835)	828
Accrued and other liabilities	2,951	(1,898)
Deferred revenue	1,954	1,431
Net cash provided by operating activities	5,936	686
Cash flows from investing activities:
Additions to property and equipment	(1,073)	(1,418)
Net cash used in investing activities	(1,073)	(1,418)
Cash flows from financing activities:
Repayment of long-term debt	(44)	(6,304)
Proceeds from short term borrowings		6,300
Proceeds from the issuance of common stock	14	22
Net cash (used in) provided by financing activities	(30)	18
Net change in cash, cash equivalents and restricted cash	4,833	(714)
Cash, cash equivalents and restricted cash, beginning of period	7,766	11,562
Cash, cash equivalents and restricted cash, end of period	12,599	10,848
Supplemental disclosure of cash flow information
Cash paid for interest	108	$ 125
Supplemental disclosure of non-cash investing and financing activities
Additions to property and equipment in Accounts payable	$ (165)

Organization, Nature of Operati

Organization, Nature of Operations, and Principles of Consolidation	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Organization, Nature of Operations, and Principles of Consolidation	1. Organization, Nature of Operations, and Principles of Consolidation Gaia, Inc. operates a global digital video subscription service and on-line community that strives to connect a unique and underserved member base. Our digital content library includes over 10,000 titles, with a growing selection of titles available in Spanish, German and French. Our members have unlimited access to this vast library of inspiring films, cutting edge documentaries, interviews, yoga classes, transformation-related content and more – 88 % of which is exclusively available to our members for digital streaming on most internet-connected devices anytime, anywhere, commercial free. Our mission is to create a transformational network that empowers a global conscious community. Content on our network is currently organized into four primary channels—Yoga, Transformation, Alternative Healing, and Seeking Truth—and delivered directly to our members through our streaming platform. We curate programming for these channels by producing content in our in-house production studios with a staff of media professionals. This produced and owned content currently comprises approximately 75 % of our members’ viewing time. We complement our produced and owned content through long term licensing agreements. We have prepared the accompanying unaudited interim condensed consolidated financial statements in accordance with GAAP, and they include our accounts and those of our subsidiaries. Intercompany transactions and balances have been eliminated. The unaudited condensed consolidated financial position, results of operations and cash flows for the interim periods disclosed in this report are not necessarily indicative of future financial results. Restricted Cash When applicable Gaia restricts cash designated for future investment funding. These funds are held in compliance with contractual agreements or other projects earmarked for capital raises to support strategic investments. The restriction ensures the dedicated allocation of funds for intended investment purposes. Restricted cash has an offsetting liability in Accrued and other liabilities . Use of Estimates and Reclassifications The preparation of the interim condensed consolidated financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in the accompanying interim condensed consolidated financial statements and disclosures. Although we base these estimates on our best knowledge of current events and actions that we may undertake in the future, actual results may be different from the estimates. We have made certain reclassifications to prior period amounts to conform to the current period presentations. During the year ended December 31, 2023, the Company determined it had the ability to exercise influence over Telomeron, Inc. (“Telomeron”) and, therefore, used the equity method of accounting to account for its equity interest. During the first quarter of 2024, the Company determined it no longer has the ability to exercise significant influence over Telomeron and, as such, the investment was reclassified at its carrying value to an equity security investment. The investment has been reclassed into Investments and other assets, net on our condensed consolidated balance sheets. Recently Issued Accounting Pronouncements Not Yet Adopted There have been no material changes in our significant accounting policies as described in our Annual Report on Form 10-K for the year ended December 31, 2023. The following recently issued accounting pronouncements are being evaluated but have not yet been adopted. In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2023-07. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2023-09.

Revenue Recognition

Revenue Recognition	3 Months Ended
Revenue Recognition	Mar. 31, 2024
Revenue Recognition [Abstract]
Revenue Recognition	2. Revenue Recognition Revenues consist primarily of subscription fees paid by our members. We present revenues net of the taxes that are collected from members and remitted to governmental authorities. Members are billed in advance and revenues are recognized ratably over the subscription term. Deferred revenues consist of subscription fees collected from members that have not been earned and are recognized ratably over the remaining term of the subscription. We recognize revenue on a net basis for relationships where our third-party platform partners (“Partner”) have the primary relationship, including billing and service delivery, with the member. We recognize revenue on a gross basis for members whose primary relationship is with Gaia. Payments made to Partners to assist in promoting our service on their platforms are expensed to marketing expenses in the period incurred. We do not allow access to our service to be provided as part of a bundle by any of our Partners.

Equity and Share-Based Compensa

Equity and Share-Based Compensation	3 Months Ended
Equity and Share-Based Compensation	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Equity and Share-Based Compensation	3. Equity and Share-Based Compensation During the first three months of 2024 and 2023, we recognized approximately $ 335 and $ 82 , respectively, of share-based compensation expense. Total share-based compensation expense is reported in selling and operating expenses and corporate, general and administration expenses on our interim condensed consolidated statements of operations. There were no options exercised during the first three months of 2024 or 2023 .

Debt

Debt	3 Months Ended
Debt	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	4. Debt On September 9, 2020, our wholly owned subsidiary Boulder Road LLC (“Boulder Road”) sold a 50 % undivided interest in a portion of our corporate campus to Westside Boulder, LLC (“Westside”). Boulder Road retained a 50 % undivided interest in the property as well as full ownership of our studio and production facilities. Boulder Road received consideration of $ 13.2 million in the transaction. On December 28, 2020, Boulder Road and Westside (“Borrower”) entered into a loan agreement with First Interstate Bank, as lender, providing for a mortgage loan in the principal amount of $ 13.0 million. The mortgage bears interest at a fixed rate of 3.75 % per annum, matures on December 28, 2025 , is secured by a deed of trust on our corporate campus, a portion of which is owned by Boulder Road and Westside as tenants-in-common and the remainder of which is owned by Boulder Road. Westside and Boulder Road each received 50 % of the loan proceeds and are each responsible for 50 % of the monthly installments. Gaia guaranteed payment of the mortgage. The mortgage contains customary affirmative and negative covenants (each with customary exceptions), including limitations on the Borrower’s ability to incur liens or debt, make investments, or engage in certain fundamental changes. Additionally, the Credit Agreement requires Boulder Road to maintain a minimum Debt Service Ratio – Pre Distribution of 1.35 to 1.00 annually and a minimum Debt Service Ratio – Post Distribution of 1.15 to 1.00 annually. As of March 31, 2024 and December 31, 2023, the Company was in compliance with all related covenants. On August 25, 2022 (the “Closing Date”), Gaia, as borrower, and certain subsidiaries, as guarantors, entered into a Credit and Security Agreement (the “Credit Agreement”) with KeyBank National Association (“KeyBank”). The Credit Agreement provides for a revolving credit facility in an aggregate amount of up to $ 10 million with a sublimit of $ 1 million available for issuances of letters of credit. Borrowings under the Credit Agreement are available for working capital and general corporate purposes, but not to fund any permanent acquisitions or other investments. There were no outstanding borrowings as of March 31, 2024 and December 31, 2023. Loans made, or letters of credit issued, under the Credit Agreement mature on August 25, 2025 and are secured (subject to permitted liens and other exceptions) by a first priority lien on all business assets, including intellectual property, of Gaia and the subsidiary guarantors. Any advance under the Credit Agreement shall bear interest at the Daily Simple Secured Overnight Financing Rate (“SOFR”) (subject to a floor of 0.00 %), plus, the SOFR Index Adjustment of 0.10 %, plus a margin of 2.00 %; provided, that, during the existence of a Benchmark Unavailability Period or a SOFR Unavailability Period, advances shall bear interest at the Base Rate, which is a fluctuating interest rate per annum equal to the highest of (i) the Federal Funds Rate plus 0.50 %, (ii) KeyBank’s “prime rate,” (iii) SOFR and (iv) 3.00 %, plus, in each instance, a margin of 1.00 %. The aggregate outstanding amount of advances under the Credit Agreement is required to be $ 0 for at least 30 consecutive days during the period commencing on the 12-month anniversary of the Closing Date and ending on the 24-month anniversary of the Closing Date. The Company satisfied this requirement during October and November 2023. The Credit Agreement contains customary affirmative and negative covenants (each with customary exceptions), including limitations on the Company’s ability to incur liens or debt, make investments, pay dividends, enter into transactions with its affiliates and engage in certain fundamental changes. Additionally, the Credit Agreement requires Gaia to maintain a Fixed Charge Coverage Ratio of not less than 1.20 to 1.00 and to not permit the Leverage Ratio to exceed 1.50 to 1.00 for any computation period. As of March 31, 2024 and 2023, the Company was in compliance with all related covenants. Maturities on long-term debt, net are: (in thousands) 2024 (remaining) $ 156 2025 5,762 $ 5,918

Leases

Leases	3 Months Ended
Leases	Mar. 31, 2024
Leases [Abstract]
Leases	5. Leases In connection with the sale of a portion of our corporate campus as further discussed in Note 4, we leased the property pursuant to a master lease for an initial term extending through September 30, 2030, with two five-year extensions . The extension options are not recognized as part of the right-of-use asset and lease liability. We record the right to use the underlying asset for the operating lease term as an asset and our obligation to make lease payments as a liability, based on the present value of the lease payments over the initial lease term. At March 31, 2024 , the weighted average remaining lease term was 6.50 years and the weighted average discount rate was 3.75 %. Because the rate implicit in the lease is not readily determinable, we used our incremental borrowing rate to determine the present value of lease payments. Information related to our right-of-use asset and related lease liability were as follows: March 31, December 31, (in thousands) 2024 2023 Operating right-of-use asset, net $ 6,082 $ 6,288 Operating lease liability, current portion $ 795 $ 780 Operating lease liability, net of current portion 5,503 5,708 $ 6,298 $ 6,488 Operating lease expense is recognized on a straight-line basis over the lease term. Our operating lease expense was $ 265 and $ 266 for the three months ended March 31, 2024 and 2023, respectively. At March 31, 2024, and for the subsequent years ended December 31, future maturity is as follows: (in thousands) 2024 (remaining) $ 757 2025 1,035 2026 1,064 2027 1,093 2028 1,123 Thereafter 2,037 Future lease payments, gross 7,109 Less: Imputed interest ( 811 ) Operating lease liability $ 6,298

Loss Per Share

Loss Per Share	3 Months Ended
Loss Per Share	Mar. 31, 2024
Earnings Per Share [Abstract]
Loss Per Share	6. Loss Per Share Basic loss per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted loss per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential shares of common stock outstanding during the period (“common stock equivalents”). Common stock equivalents consist of incremental shares issuable upon the assumed exercise of stock options and vesting of restricted stock units utilizing the treasury stock method. The weighted-average diluted shares outstanding computation is: For the Three Months Ended March 31, (in thousands, except per share data) 2024 2023 (unaudited) Weighted-average common stock outstanding 23,161 20,826 Weighted-average number of shares 23,161 20,826 We excluded the effect of the below elements from our calculation of diluted loss per share, as their inclusion would have been anti-dilutive, as there were no earnings attributable to common shareholders: For the Three Months Ended March 31, (in thousands) 2024 2023 (unaudited) Common stock equivalents excluded due to net loss — 69 Employee stock options and RSUs 1,573 439 1,573 508

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes Periodically, we perform assessments of the realization of our net deferred tax assets considering all available evidence, both positive and negative. Based on our historical operating losses, combined with our plans to continue to invest in our revenue growth and content library, we have a full valuation allowance on our deferred tax assets as of March 31, 2024. As of March 31, 2024 , our net operating loss carryforwards on a gross basis were $ 79.6 million and $ 25.9 million for federal and state, respectively. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is a stimulus bill which was in response to economic consequences of the COVID-19 pandemic. The CARES Act provided an employee retention credit, which is a refundable tax credit against certain employment taxes. During 2023, we recorded $ 1.75 million related to the employee retention credit in Selling and operating expenses in the condensed consolidated statements of operations with a related receivable balance from the United States government related to the CARES Act, which is recorded in Prepaid expenses and other current assets on our condensed consolidated balance sheets.

Contingencies

Contingencies	3 Months Ended
Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies	8. Contingencies From time to time, we are involved in legal proceedings that we consider to be in the normal course of business. We record accruals for losses related to those matters against us that we consider to be probable and that can be reasonably estimated. Based on available information, in the opinion of management, settlements, arbitration awards and final judgments, if any, that are considered probable of being rendered against us in litigation or arbitration in existence at March 31, 2024 and that can be reasonably estimated are either reserved against or would not have a material adverse effect on our financial condition, results of operations or cash flows. The Company is subject to tax examinations for non-income taxes in foreign jurisdictions where it provides services to consumers residing in foreign jurisdictions. A number of these examinations are ongoing and, in certain cases, have resulted in assessments from foreign tax authorities. An accrual for non-income tax liability is recognized for foreign jurisdictions when it is probable that a liability has been incurred and the non-income tax exposure can be reasonably estimated. For other foreign jurisdictions requiring non-income taxes, the Company has determined that the non-income tax exposure is reasonably possible. However, due that the Company is in early stages of the examination or a lack of communication from foreign tax authorities, and the Company’s prior experience with foreign tax authorities, the Company is unable to reasonably estimate the amount of non-income tax exposure that may be incurred.

Segment and Geographic Informat

Segment and Geographic Information	3 Months Ended
Segment and Geographic Information	Mar. 31, 2024
Segment Reporting [Abstract]
Segment and Geographic Information	9. Segment and Geographic Information Our chief operating decision maker reviews operating results on a consolidated basis and has determined that we have one reportable segment. We have members in the United States and over 185 foreign countries. The major geographic territories are the U.S., Canada and Australia based on the billing location of the member. The following represents geographical data for our operations: For the Three Months Ended March 31, (in thousands) 2024 2023 Revenue: United States $ 12,146 $ 11,715 International 9,547 7,932 $ 21,693 $ 19,647

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	10. Subsequent Events During April of 2024, a majority owned subsidiary of the Company raised approximately $ 10.8 million of equity financing, including $ 4.0 million from Gaia, with a majority of the proceeds being used to acquire a technology license. The shares associated with this $ 10.8 million were issued in April 2024. The Company is still evaluating the transaction from an accounting perspective.

Organization, Nature of Opera_2

Organization, Nature of Operations, and Principles of Consolidation (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Restricted Cash	Restricted Cash When applicable Gaia restricts cash designated for future investment funding. These funds are held in compliance with contractual agreements or other projects earmarked for capital raises to support strategic investments. The restriction ensures the dedicated allocation of funds for intended investment purposes. Restricted cash has an offsetting liability in Accrued and other liabilities .
Use of Estimates and Reclassifications	Use of Estimates and Reclassifications The preparation of the interim condensed consolidated financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in the accompanying interim condensed consolidated financial statements and disclosures. Although we base these estimates on our best knowledge of current events and actions that we may undertake in the future, actual results may be different from the estimates. We have made certain reclassifications to prior period amounts to conform to the current period presentations. During the year ended December 31, 2023, the Company determined it had the ability to exercise influence over Telomeron, Inc. (“Telomeron”) and, therefore, used the equity method of accounting to account for its equity interest. During the first quarter of 2024, the Company determined it no longer has the ability to exercise significant influence over Telomeron and, as such, the investment was reclassified at its carrying value to an equity security investment. The investment has been reclassed into Investments and other assets, net on our condensed consolidated balance sheets.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted There have been no material changes in our significant accounting policies as described in our Annual Report on Form 10-K for the year ended December 31, 2023. The following recently issued accounting pronouncements are being evaluated but have not yet been adopted. In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2023-07. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2023-09.

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Maturities on Long Term Debt, Net	Maturities on long-term debt, net are: (in thousands) 2024 (remaining) $ 156 2025 5,762 $ 5,918

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Mar. 31, 2024
Leases [Abstract]
Schedule of Right of Use Asset and Related Lease Liability and Supplemental Cash Flow Information	Because the rate implicit in the lease is not readily determinable, we used our incremental borrowing rate to determine the present value of lease payments. Information related to our right-of-use asset and related lease liability were as follows: March 31, December 31, (in thousands) 2024 2023 Operating right-of-use asset, net $ 6,082 $ 6,288 Operating lease liability, current portion $ 795 $ 780 Operating lease liability, net of current portion 5,503 5,708 $ 6,298 $ 6,488
Schedule of Future Maturity of Lease Liability	Operating lease expense is recognized on a straight-line basis over the lease term. Our operating lease expense was $ 265 and $ 266 for the three months ended March 31, 2024 and 2023, respectively. At March 31, 2024, and for the subsequent years ended December 31, future maturity is as follows: (in thousands) 2024 (remaining) $ 757 2025 1,035 2026 1,064 2027 1,093 2028 1,123 Thereafter 2,037 Future lease payments, gross 7,109 Less: Imputed interest ( 811 ) Operating lease liability $ 6,298

Loss Per Share (Tables)

Loss Per Share (Tables)	3 Months Ended
Loss Per Share (Tables)	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Weighted-Average Diluted Shares Outstanding	The weighted-average diluted shares outstanding computation is: For the Three Months Ended March 31, (in thousands, except per share data) 2024 2023 (unaudited) Weighted-average common stock outstanding 23,161 20,826 Weighted-average number of shares 23,161 20,826
Summary of Potential Common Shares Excluded from Diluted Calculation	We excluded the effect of the below elements from our calculation of diluted loss per share, as their inclusion would have been anti-dilutive, as there were no earnings attributable to common shareholders: For the Three Months Ended March 31, (in thousands) 2024 2023 (unaudited) Common stock equivalents excluded due to net loss — 69 Employee stock options and RSUs 1,573 439 1,573 508

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	3 Months Ended
Segment and Geographic Information (Tables)	Mar. 31, 2024
Segment Reporting [Abstract]
Geographical Data for Operations	The following represents geographical data for our operations: For the Three Months Ended March 31, (in thousands) 2024 2023 Revenue: United States $ 12,146 $ 11,715 International 9,547 7,932 $ 21,693 $ 19,647

Organization, Nature of Opera_3

Organization, Nature of Operations, and Principles of Consolidation - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2024 Title Channel
Organization Nature Of Operations And Principles Of Consolidation [Line Items]
Number of channels \| Channel	4
Percentage of produced and owned content views	75%
Minimum [Member]
Organization Nature Of Operations And Principles Of Consolidation [Line Items]
Number of titles available in digital content library \| Title	10,000
Percentage of digital streaming exclusively available for subscribers	88%

Equity and Share-Based Compen_2

Equity and Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-based compensation expense	$ 335	$ 82
Options exercised during period	0	0

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)			3 Months Ended
Debt - Additional Information (Detail) - USD ($)	Dec. 28, 2020	Sep. 09, 2020	Mar. 31, 2024	Dec. 31, 2023	Aug. 25, 2022
Debt Instrument [Line Items]
Covenant compliance			As of March 31, 2024 and 2023, the Company was in compliance with all related covenants.
Credit Agreement [Member] \| Keybank [Member]
Debt Instrument [Line Items]
Required aggregate outstanding amount for period of 30 consecutive days			$ 0
Number of days considered for calculation of aggregate outstanding amount			30 days
Minimum required fixed charge coverage ratio			1.2
Maximum required leverage ratio			1.5
Line of credit facility, expiration			Aug. 25, 2025
Credit Agreement [Member] \| Keybank [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity under credit facility					$ 10,000,000
Credit Agreement [Member] \| Keybank [Member] \| Letters of Credit [Member]
Debt Instrument [Line Items]
Sublimit for letter of credit facility					$ 1,000,000
Loan principal amount			$ 0	$ 0
Outstanding borrowings			$ 0	$ 0
Credit Agreement [Member] \| Keybank [Member] \| Floor Rate [Member]
Debt Instrument [Line Items]
Interest rate			0%
Credit Agreement [Member] \| Keybank [Member] \| SOFR [Member]
Debt Instrument [Line Items]
Percentage of adjustment to floor interest rate			0.10%
Credit Agreement [Member] \| Keybank [Member] \| Margin [Member]
Debt Instrument [Line Items]
Percentage of adjustment to floor interest rate			2%
Credit Agreement [Member] \| Keybank [Member] \| Benchmark or SOFR Unavailability Period [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Interest rate			3%
Credit Agreement [Member] \| Keybank [Member] \| Benchmark or SOFR Unavailability Period [Member] \| Margin [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Percentage of adjustment to floor interest rate			1%
Credit Agreement [Member] \| Keybank [Member] \| Benchmark or SOFR Unavailability Period [Member] \| Federal Funds Rate [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Percentage of adjustment to floor interest rate			0.50%
Boulder Road LLC [Member]
Debt Instrument [Line Items]
Subsidiary interest percentage		50%
Undivided interest sold consideration received		$ 13,200,000
Boulder Road LLC [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Minimum debt service ratio - pre distribution	1
Minimum debt service ratio - post distribution	1
Boulder Road LLC [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Minimum debt service ratio - pre distribution	1.35
Minimum debt service ratio - post distribution	1.15
Boulder Road and Westside Boulder, LLC [Member] \| Loan Agreement [Member] \| First Interstate Bank [Member] \| Mortgage Loan [Member]
Debt Instrument [Line Items]
Loan principal amount	$ 13,000,000
Interest rate	3.75%
Debt instrument, maturity date	Dec. 28, 2025
Percentage of line of credit proceeds	50%
Percentage of line of credit monthly installments	50%
Outstanding borrowings	$ 13,000,000
Westside Boulder, LLC. [Member] \| Boulder Road LLC [Member]
Debt Instrument [Line Items]
Undivided interest sold percentage		50%

Debt - Schedule of Maturities o

Debt - Schedule of Maturities on Long Term Debt, Net (Detail) $ in Thousands	Mar. 31, 2024 USD ($)
Maturities of Long-Term Debt [Abstract]
2024 (remaining)	$ 156
2025	5,762
Total maturities on long-term debt	$ 5,918

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Lessee Lease Description [Line Items]
Operating lease, extending Description	we leased the property pursuant to a master lease for an initial term extending through September 30, 2030, with two five-year extensions
Operating lease, existence of option to extend [true false]	true
Operating right-of-use asset, net	$ 6,082		$ 6,288
Operating lease liability	$ 6,298		$ 6,488
Operating lease, weighted average remaining lease term	6 years 6 months
Operating lease, weighted average discount rate	3.75%
Operating lease expense	$ 265	$ 266
Two Five Year Extensions [Member]
Lessee Lease Description [Line Items]
Operating lease, Renewal Term	5 years

Leases - Schedule of Right of U

Leases - Schedule of Right of Use Asset and Related Lease Liability (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating right-of-use asset, net	$ 6,082	$ 6,288
Operating lease liability, current portion	795	780
Operating lease liability, net of current portion	5,503	5,708
Operating Lease, Liability	$ 6,298	$ 6,488

Leases - Schedule of Future Mat

Leases - Schedule of Future Maturity of Lease Liability (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2024 (remaining)	$ 757
2025	1,035
2026	1,064
2027	1,093
2028	1,123
Thereafter	2,037
Future lease payments, gross	7,109
Less: Imputed interest	(811)
Operating lease liability	$ 6,298	$ 6,488

Loss Per Share - Schedule of We

Loss Per Share - Schedule of Weighted-Average Diluted Shares Outstanding (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Weighted-average common stock outstanding	23,161	20,826
Weighted-average number of shares	23,161	20,826

Loss Per Share - Summary of Pot

Loss Per Share - Summary of Potential Common Shares Excluded from Diluted Calculation (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	1,573	508
Common Stock Equivalents Excluded due to Net Loss [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	0	69
Employee Stock Options and RSUs [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	1,573	439

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Mar. 31, 2024
Income Taxes [Line Items]
Employee retention credit in Selling and operating expenses related to CARES Act	$ 1,750
Federal [Member]
Income Taxes [Line Items]
Net operating loss carryforwards		$ 79,600
State [Member]
Income Taxes [Line Items]
Net operating loss carryforwards		$ 25,900

Segment and Geographic Inform_3

Segment and Geographic Information - Geographical Data for Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue:
Business combination net operating revenue	$ 21,693	$ 19,647
United States [Member]
Revenue:
Business combination net operating revenue	12,146	11,715
International [Member]
Revenue:
Business combination net operating revenue	$ 9,547	$ 7,932

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] $ in Millions	1 Months Ended
	Apr. 30, 2024 USD ($)
Subsequent Event [Line Items]
Equity financing raised by subsidiary	$ 10.8
Gaia
Subsequent Event [Line Items]
Equity financing raised by subsidiary	$ 4