Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

Subsequent Events
3 Months Ended
Mar. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events
Subsequent events reflect all applicable transactions through the date of the filing.
We have collected $8.5 million of
payments through the date of this filing that will result in early-payment discounts of 5% or $0.4 million against future revenue for the remainder of 2020.
On May 6, 2020 our Board of Directors voted to discontinue equity distributions until further notice due to the adverse economic impact of the
pandemic on our financial position, results of operations, and cash flows.
Due to the adverse economic impact of the
pandemic, in April 2020, we began negotiating with landlords for rent concessions. We have elected FASB’s modification guidance to account for rent concessions related to the effects of the
pandemic as variable lease expense. We will not apply the lease modification guidance under ASC 842 to rent concessions that result in the total payments required under the modified contract that are substantially the same as or less than total payments required by the original contract. If other terms of the lease are changed or renegotiated in connection with the concession process, then the changes will be treated as a modification in accordance with ASC 842.
We began deferring the employer portion of FICA taxes beginning in April 2020 as allowed under the CARES Act. We have deferred payments of $0.8 million to date. Such amounts will initially be recorded in long-term liabilities based on the repayment dates established in the CARES Act of 50% due December 2021 and the remaining 50% due December 2022.
On April 7, 2020, we amended the ABL to increase the advance rate on eligible accounts receivable from 85% to 90% and to extend the maturity date from May 19, 2022 to March 1, 2024. The April 7, 2020 amendment allows for an alternative benchmark rate which may include the SOFR due to the LIBOR rate scheduled to be discontinued at the end of calendar year 2021.
On April 6, 2020, we sold radio station
and an FM translator construction permit in Orlando, Florida, for $0.2 million in cash.