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Boston Omaha Corporation Announces First Quarter 2021 Financial Results OMAHA , Neb .-- ( BUSINESS WIRE ) -- Boston Omaha Corporation ( NASDAQ : BOMN ) ( " Boston Omaha " or the " Company " ) announced its financial results for the first quarter ended March 31 , 2021 in connection with filing its Quarterly Report on Form 10 - Q with the Securities and Exchange Commission ( " SEC " ) . We show below summary financial data for the first quarter of 2021 and 2020. Our Quarterly Report on Form 10 - Q can be found at www.bostonomaha.com . Billboard Rentals , Net Broadband Services ( 1 ) Premiums Earned Insurance Commissions Investment and Other Income Total Revenues Depreciation and Amortization Expense Net Loss from Operations Net Other Income ( Loss ) Net Income ( Loss ) Attributable to Common Stockholders Basic and Diluted Net Income ( Loss ) per Share Total Unrestricted Cash & Investments ( 2 ) Total Assets Total Liabilities Total Noncontrolling Interest Total Stockholders ' Equity For the Three Months Ended March 31 , $ 2021 2020 7,153,685 $ 7,215,766 3,795,037 267,251 1,786,564 3,454,058 332,791 140,314 11,410,180 400,177 69,556 13,205,019 2,311,976 1,783,331 ( 1,485,778 ) ( 1,179,972 ) 110,123,064 ( 23,547,725 ) $ 84,437,627 $ ( 24,734,238 ) 3.09 $ $ ( 1.05 ) March 31 , 2021 December 31 , 2020 $ 282,802,351 $ 146,470,399 750,104,244 640,707,426 135,499,641 114,114,020 149,259,571 145,027,149 $ 465,345,032 $ 381,566,257 ( 1 ) Includes our acquisitions of AireBeam on March 10 , 2020 and UBB on December 29 , 2020 . ( 2 ) Investments consist of U.S. treasury securities classified as trading securities and publicly traded equity securities , of which $ 16,112,561 is held by our insurance entities at March 31 , 2021 . As a result of a change in Generally Accepted Accounting Principles in 2018 , we are required to include the unrealized changes in market prices of investments in public equity securities in our reported earnings . In the table above , " Net Other Income ( Loss ) " during the first quarter of 2021 includes unrealized gains of $ 104,467,952 mainly from our 2017 investment of $ 10,000,000 in Dream Finders Homes after its initial public offering on January 25 , 2021. This contrasts with unrealized losses in the value of our public equity securities of $ ( 24,745,513 ) during the first quarter of 2020. While we intend to hold our current securities for the longer term , we may in the future choose to sell them for a variety of reasons resulting in realized losses or gains . Cash flow from operations for the three months ended March 31 , 2021 was $ 4,029,984 , compared to a cash outflow of $ ( 110,884 ) for the three months ended March 31 , 2020 . We recently restated our 2020 results on Form 10 - K / A as filed with the SEC on May 24 , 2021 to include the impact of consolidating Yellowstone Acquisition Company ( " Yellowstone " ) into Boston Omaha and to account for Yellowstone's warrants as derivative liabilities as well as to classify Yellowstone's Class A common stock as temporary equity . Please refer to Note 2 in the Form 10 - K / A which reflects all adjustments from our previous 10 - K report filed with the SEC on March 29 , 2021. These restatements at Yellowstone reduced Boston Omaha's