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Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2023

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Financial Information

The following tables represent the restated condensed consolidated balance sheet and the restated condensed consolidated statements of operations, changes in equity, and cash flows as of and for the three months ended March 31, 2022 and 2023, the three and six months ended June 30, 2022 and 2023, and the three and nine months ended September 30, 2022 and 2023. These tables also present a reconciliation from the prior period as previously reported to the restated amounts.

GAIA, INC.

Condensed Consolidated Balance Sheet


	As of March 31, 2022 (unaudited)											As of June 30, 2022 (unaudited)											As of September 30, 2022 (unaudited)
(in thousands, except share and per share data)	As Previously Reported			Adjustment			Ref.	As Restated				As Previously Reported			Adjustment			Ref.	As Restated				As Previously Reported			Adjustment			Ref.	As Restated
ASSETS
Real estate, investment and other assets, net		31,128			(2,750	)	(c)		28,378		(1)		31,002			(2,875	)	(c)		28,127		(1)		30,839			(3,000	)	(c)		27,839		(1)
Total assets	$	132,785		$	(2,750	)		$	130,035			$	131,421		$	(2,875	)		$	128,546			$	136,859		$	(3,000	)		$	133,859
LIABILITIES AND EQUITY
Accumulated deficit		(72,017	)		(3,589	)	(c) (d)		(75,606	)			(71,901	)		(3,779	)	(c) (d)		(75,680	)			(74,276	)		(3,938	)	(c) (d)		(78,214	)
Total Gaia, Inc. shareholders’ equity		90,841			(3,589	)			87,252				91,390			(3,779	)			87,611				89,352			(3,938	)			85,414
Noncontrolling interests		—			839		(d)		839				—			904		(d)		904				—			938		(d)		938
Total equity		90,841			(2,750	)			88,091				91,390			(2,875	)			88,515				89,352			(3,000	)			86,352
Total liabilities and equity	$	132,785		$	(2,750	)		$	130,035			$	131,421		$	(2,875	)		$	128,546			$	136,859		$	(3,000	)		$	133,859

(1) To conform with current period presentation in our condensed consolidated balance sheets for the periods ended March 31, 2023 and 2022, June 30, 2023 and 2022, and September 30, 2023 and 2022, we made certain reclassification adjustments as further described within Note 2, including adjusting the equity method investment portion of real estate, investment and other assets, net into a separate line item, equity method investment.


	As of March 31, 2023 (unaudited)											As of June 30, 2023 (unaudited)											As of September 30, 2023 (unaudited)
(in thousands, except share and per share data)	As Previously Reported			Adjustment			Ref.	As Restated				As Previously Reported			Adjustment			Ref.	As Restated				As Previously Reported			Adjustment			Ref.	As Restated
ASSETS
Real estate, investment and other assets, net		30,806			(3,250	)	(c)		27,556		(1)		30,569			(3,375	)	(c)		27,194		(1)		30,296			(3,500	)	(c)		26,796		(1)
Total assets	$	137,630		$	(3,250	)		$	134,380			$	137,633		$	(3,375	)		$	134,258			$	138,402		$	(3,500	)		$	134,902
LIABILITIES AND EQUITY
Accumulated deficit		(76,341	)		(4,358	)	(c) (d)		(80,699	)			(78,059	)		(4,528	)	(c) (d)		(82,587	)			(78,647	)		(4,712	)	(c) (d)		(83,359	)
Total Gaia, Inc. shareholders’ equity		87,945			(4,358	)			83,587				87,377			(4,528	)			82,849				86,845			(4,712	)			82,133
Noncontrolling interests		—			1,108		(d)		1,108				—			1,153		(d)		1,153				—			1,212		(d)		1,212
Total equity		87,945			(3,250	)			84,695				87,377			(3,375	)			84,002				86,845			(3,500	)			83,345
Total liabilities and equity	$	137,630		$	(3,250	)		$	134,380			$	137,633		$	(3,375	)		$	134,258			$	138,402		$	(3,500	)		$	134,902

GAIA, INC.

Condensed Consolidated Statement of Operations


	Three Months Ended March 31, 2022 (unaudited)										Three Months Ended June 30, 2022 (unaudited)										Three Months Ended September 30, 2022 (unaudited)
(in thousands, except per share data)	As Previously Reported		Adjustment			Ref.	As Restated				As Previously Reported		Adjustment			Ref.	As Restated				As Previously Reported			Adjustment			Ref.	As Restated
Equity method investment loss		—		(125	)	(c)		(125	)	(1)		—		(125	)	(c)		(125	)	(1)		—			(125	)	(c)		(125	)	(1)
Net income (loss) before income taxes		247		(125	)			122				248		(125	)			123				(2,368	)		(125	)			(2,493	)
Net income (loss) from continuing operations		247		(125	)			122				248		(125	)			123				(2,368	)		(125	)			(2,493	)
Net income (loss)		86		(125	)			(39	)			116		(125	)			(9	)			(2,375	)		(125	)			(2,500	)
Net income attributable to noncontrolling interests		-		65		(d)		65				-		65		(d)		65				-			34		(d)		34
Net income (loss) attributable to common shareholders	$	86	$	(190	)		$	(104	)		$	116	$	(190	)		$	(74	)		$	(2,375	)	$	(159	)		$	(2,534	)
Earnings (loss) per share:
Basic
Continuing operations (attributable to common shareholders)	$	0.01	$	(0.01	)		$	0.00			$	0.01	$	(0.01	)		$	0.00			$	(0.11	)	$	(0.01	)		$	(0.12	)
Basic earnings (loss) per share	$	0.00	$	(0.01	)		$	(0.01	)		$	—	$	—			$	—			$	(0.11	)	$	(0.01	)		$	(0.12	)
Diluted
Continuing operations (attributable to common shareholders)	$	0.01	$	(0.01	)		$	0.00			$	0.01	$	(0.01	)		$	0.00			$	(0.11	)	$	(0.01	)		$	(0.12	)
Diluted earnings (loss) per share	$	0.00	$	(0.01	)		$	(0.01	)		$	—	$	—			$	—			$	(0.11	)	$	(0.01	)		$	(0.12	)

(1) To conform with current period presentation in our condensed consolidated statement of operations for the periods ended March 31, 2023 and 2022, June 30, 2023 and 2022, September 30, 2023 and 2022 we made certain reclassification adjustments as further described within Note 2, including adjusting the equity method investment loss portion of interest and other expense, net into a separate line item, equity method investment loss.


	Six Months Ended June 30, 2022 (unaudited)										Nine Months Ended September 30, 2022 (unaudited)
(in thousands, except per share data)	As Previously Reported		Adjustment			Ref.	As Restated				As Previously Reported			Adjustment			Ref.	As Restated
Equity method investment loss		—		(250	)	(c)		(250	)	(1)		—			(375	)	(c)		(375	)	(1)
Net income (loss) before income taxes		495		(250	)			245				(1,873	)		(375	)			(2,248	)
Net income (loss) from continuing operations		495		(250	)			245				(1,873	)		(375	)			(2,248	)
Net income (loss)		202		(250	)			(48	)			(2,173	)		(375	)			(2,548	)
Net income attributable to noncontrolling interests		-		130		(d)		130				-			164		(d)		164
Net income (loss) attributable to common shareholders	$	202	$	(380	)		$	(178	)		$	(2,173	)	$	(539	)		$	(2,712	)
Earnings (loss) per share:
Basic
Continuing operations (attributable to common shareholders)	$	0.02	$	(0.01	)		$	0.01			$	(0.09	)	$	(0.03	)		$	(0.12	)
Basic earnings (loss) per share	$	0.01	$	(0.02	)		$	(0.01	)		$	(0.10	)	$	(0.03	)		$	(0.13	)
Diluted
Continuing operations (attributable to common shareholders)	$	0.02	$	(0.01	)		$	0.01			$	(0.09	)	$	(0.03	)		$	(0.12	)
Diluted earnings (loss) per share	$	0.01	$	(0.01	)		$	—			$	(0.10	)	$	(0.03	)		$	(0.13	)


	Three Months Ended March 31, 2023 (unaudited)											Three Months Ended June 30, 2023 (unaudited)											Three Months Ended September 30, 2023 (unaudited)
(in thousands, except per share data)	As Previously Reported			Adjustment			Ref.	As Restated				As Previously Reported			Adjustment			Ref.	As Restated				As Previously Reported			Adjustment			Ref.	As Restated
Equity method investment loss		—			(125	)	(c)		(125	)	(1)		—			(125	)	(c)		(125	)	(1)		—			(125	)	(c)		(125	)	(1)
Loss before income taxes		(1,143	)		(125	)			(1,268	)			(1,718	)		(125	)			(1,843	)			(588	)		(125	)			(713	)
Net loss		(1,143	)		(125	)			(1,268	)			(1,718	)		(125	)			(1,843	)			(588	)		(125	)			(713	)
Net income attributable to noncontrolling interests		—			38		(d)		38				—			45		(d)		45				—			59		(d)		59
Net loss attributable to common shareholders	$	(1,143	)	$	(163	)		$	(1,306	)		$	(1,718	)	$	(170	)		$	(1,888	)		$	(588	)	$	(184	)		$	(772	)

Loss per share:
Basic loss per share	$	(0.05	)	$	(0.01	)		$	(0.06	)		$	(0.08	)	$	(0.01	)		$	(0.09	)		$	(0.03	)	$	(0.01	)		$	(0.04	)
Diluted loss per share	$	(0.05	)	$	(0.01	)		$	(0.06	)		$	(0.08	)	$	(0.01	)		$	(0.09	)		$	(0.03	)	$	(0.01	)		$	(0.04	)


	Six Months Ended June 30, 2023 (unaudited)											Nine Months Ended September 30, 2023 (unaudited)
(in thousands, except per share data)	As Previously Reported			Adjustment			Ref.	As Restated				As Previously Reported			Adjustment			Ref.	As Restated
Equity method investment loss		—			(250	)	(c)		(250	)	(1)		—			(375	)	(c)		(375	)	(1)
Loss before income taxes		(2,861	)		(250	)			(3,111	)			(3,449	)		(375	)			(3,824	)
Net loss		(2,861	)		(250	)			(3,111	)			(3,449	)		(375	)			(3,824	)
Net income attributable to noncontrolling interests		—			83		(d)		83				-			142		(d)		142
Net loss attributable to common shareholders	$	(2,861	)	$	(333	)		$	(3,194	)		$	(3,449	)	$	(517	)		$	(3,966	)

Loss per share:
Basic loss per share	$	(0.14	)	$	(0.01	)		$	(0.15	)		$	(0.16	)	$	(0.03	)		$	(0.19	)
Diluted loss per share	$	(0.14	)	$	(0.01	)		$	(0.15	)		$	(0.16	)	$	(0.03	)		$	(0.19	)

Weighted-average shares outstanding:
Basic		20,850							20,850				20,951							20,951
Diluted		20,850							20,850				20,951							20,951

GAIA, INC.

Condensed Consolidated Statement of Changes in Equity (Unaudited)



(in thousands, except shares)	Common Stock Shares		Accumulated Deficit			Common Stock Amount		Additional Paid-in Capital		Non-controlling interests		Total Equity			Ref.
As Previously Reported
Balance at January 1, 2022		20,461,337	$	(72,103	)	$	2	$	162,316	$	—	$	90,215
Net income		—		86			—		—		—		86
Balance at March 31, 2022		20,775,160	$	(72,017	)	$	2	$	162,856	$	—	$	90,841

Adjustment
Balance at January 1, 2022		—	$	(3,399	)	$	—	$	—	$	774	$	(2,625	)	(c) (d)
Net income (loss)		—		(190	)		—		—		65		(125	)	(c) (d)
Balance at March 31, 2022		—	$	(3,589	)	$	—	$	—	$	839	$	(2,750	)

As Restated
Balance at January 1, 2022		20,461,337	$	(75,502	)	$	2	$	162,316	$	774	$	87,590
Net income (loss)		—		(104	)		—		—		65		(39	)
Balance at March 31, 2022		20,775,160	$	(75,606	)	$	2	$	162,856	$	839	$	88,091

As Previously Reported
Balance at March 31, 2022		20,775,160	$	(72,017	)	$	2	$	162,856	$	—	$	90,841
Net income		—		116			—		—		—		116
Balance at June 30, 2022		20,806,186	$	(71,901	)	$	2	$	163,289	$	—	$	91,390

Adjustment
Balance at March 31, 2022		—	$	(3,589	)	$	—	$	—	$	839	$	(2,750	)	(c) (d)
Net income (loss)		—		(190	)		—		—		65		(125	)	(c) (d)
Balance at June 30, 2022		—	$	(3,779	)	$	—	$	—	$	904	$	(2,875	)

As Restated
Balance at March 31, 2022		20,775,160	$	(75,606	)	$	2	$	162,856	$	839	$	88,091
Net income (loss)		—		(74	)		—		—		65		(9	)
Balance at June 30, 2022		20,806,186	$	(75,680	)	$	2	$	163,289	$	904	$	88,515


As Previously Reported
Balance at June 30, 2022	20,806,186	$	(71,901	)	$	2	$	163,289	$	—	$	91,390
Net loss	—		(2,375	)		—		—		—		(2,375	)
Balance at September 30, 2022	20,806,186	$	(74,276	)	$	2	$	163,626	$	—	$	89,352

Adjustment
Balance at June 30, 2022	—	$	(3,779	)	$	—	$	—	$	904	$	(2,875	)	(c) (d)
Net income (loss)	—		(159	)		—		—		34		(125	)	(c) (d)
Balance at September 30, 2022	—	$	(3,938	)	$	—	$	—	$	938	$	(3,000	)

As Restated
Balance at June 30, 2022	20,806,186	$	(75,680	)	$	2	$	163,289	$	904	$	88,515
Net income (loss)	—		(2,534	)		—		—		34		(2,500	)
Balance at September 30, 2022	20,806,186	$	(78,214	)	$	2	$	163,626	$	938	$	86,352

As Previously Reported
Balance at September 30, 2022	20,806,186	$	(74,276	)	$	2	$	163,626	$	—	$	89,352
Net loss	—		(922	)		—		—		—		(922	)
Balance at December 31, 2022	20,806,186	$	(75,198	)	$	2	$	164,180	$	—	$	88,984

Adjustment
Balance at September 30, 2022	—	$	(3,938	)	$	—	$	—	$	938	$	(3,000	)	(c) (d)
Net income (loss)	—		(257	)		—		—		132		(125	)	(c) (d)
Balance at December 31, 2022	—	$	(4,195	)	$	—	$	—	$	1,070	$	(3,125	)

As Restated
Balance at September 30, 2022	20,806,186	$	(78,214	)	$	2	$	163,626	$	938	$	86,352
Net income (loss)	—		(1,179	)		—		—		132		(1,047	)
Balance at December 31, 2022	20,806,186	$	(79,393	)	$	2	$	164,180	$	1,070	$	85,859



(in thousands, except shares)	Common Stock Shares		Accumulated Deficit			Common Stock Amount		Additional Paid-in Capital		Non-controlling interests		Total Equity			Ref.
As Previously Reported
Balance at January 1, 2023		20,806,186	$	(75,198	)	$	2	$	164,180	$	—	$	88,984
Net loss		—		(1,143	)		—		—		—		(1,143	)
Balance at March 31, 2023		20,825,792	$	(76,341	)	$	2	$	164,284	$	—	$	87,945

Adjustment
Balance at January 1, 2023		—	$	(4,195	)	$	—	$	—	$	1,070	$	(3,125	)	(c) (d)
Net income (loss)		—		(163	)		—		—		38		(125	)	(c) (d)
Balance at March 31, 2023		—	$	(4,358	)	$	—	$	—	$	1,108	$	(3,250	)

As Restated
Balance at January 1, 2023		20,806,186	$	(79,393	)	$	2	$	164,180	$	1,070	$	85,859
Net income (loss)		—		(1,306	)		—		—		38		(1,268	)
Balance at March 31, 2023		20,825,792	$	(80,699	)	$	2	$	164,284	$	1,108	$	84,695

As Previously Reported
Balance at March 31, 2023		20,825,792	$	(76,341	)	$	2	$	164,284	$	—	$	87,945
Net loss		—		(1,718	)		—		—		—		(1,718	)
Balance at June 30, 2023		21,154,425	$	(78,059	)	$	2	$	165,434	$	—	$	87,377

Adjustment
Balance at March 31, 2023		—	$	(4,358	)	$	—	$	—	$	1,108	$	(3,250	)	(c) (d)
Net income (loss)		—		(170	)		—		—		45		(125	)	(c) (d)
Balance at June 30, 2023		—	$	(4,528	)	$	—	$	—	$	1,153	$	(3,375	)

As Restated
Balance at March 31, 2023		20,825,792	$	(80,699	)	$	2	$	164,284	$	1,108	$	84,695
Net income (loss)		—		(1,888	)		—		—		45		(1,843	)
Balance at June 30, 2023		21,154,425	$	(82,587	)	$	2	$	165,434	$	1,153	$	84,002

As Previously Reported
Balance at June 30, 2023		21,154,425	$	(78,059	)	$	2	$	165,434	$	—	$	87,377
Net loss		—		(588	)		—		—		—		(588	)
Balance at September 30, 2023		21,154,425	$	(78,647	)	$	2	$	165,490	$	—	$	86,845

Adjustment
Balance at June 30, 2023		—	$	(4,528	)	$	—	$	—	$	1,153	$	(3,375	)	(c) (d)


Net income (loss)	—		(184	)		—		—		59		(125	)	(c) (d)
Balance at September 30, 2023	—	$	(4,712	)	$	—	$	—	$	1,212	$	(3,500	)

As Restated
Balance at June 30, 2023	21,154,425	$	(82,587	)	$	2	$	165,434	$	1,153	$	84,002
Net income (loss)	—		(772	)		—		—		59		(713	)
Balance at September 30, 2023	21,154,425	$	(83,359	)	$	2	$	165,490	$	1,212	$	83,345

GAIA, INC.

Condensed Consolidated Statement of Cash Flows


	Three Months Ended March 31, 2022 (unaudited)										Six Months Ended June 30, 2022 (unaudited)										Nine Months Ended September 30, 2022 (unaudited)
(in thousands)	As Previously Reported			Adjustment			Ref.	As Restated			As Previously Reported			Adjustment			Ref.	As Restated			As Previously Reported			Adjustment			Ref.	As Restated

Cash flows from operating activities:
Net income (loss)	$	86		$	(125	)	(c)	$	(39	)	$	202		$	(250	)	(c)	$	(48	)	$	(2,173	)	$	(375	)	(c)	$	(2,548	)
Income (loss) from continuing operations		247			(125	)			122			495			(250	)			245			(1,873	)		(375	)			(2,248	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Additions to media library		—			(2,803	)	(a)		(2,803	)		—			(5,100	)	(a)		(5,100	)		—			(7,482	)	(a)		(7,482	)
Equity method investment losses		—			125		(c)		125			—			250		(c)		250			—			375		(c)		375
Net cash provided by operating activities - continuing operations		4,164			(2,803	)			1,361			6,688			(5,100	)			1,588			8,373			(7,482	)			891
Net cash provided by operating activities		4,003			(2,803	)			1,200			6,395			(5,100	)			1,295			8,073			(7,482	)			591
Cash flows from investing activities:
Additions to media library, property and equipment		(4,981	)		2,803		(a)		(2,178	)		(9,572	)		5,100		(a)		(4,472	)		(14,056	)		7,482		(a)		(6,574	)
Net cash used in investing activities		(5,828	)		2,803				(3,025	)		(10,419	)		5,100				(5,319	)		(14,903	)		7,482				(7,421	)


	Three Months Ended March 31, 2023 (unaudited)										Six Months Ended June 30, 2023 (unaudited)										Nine Months Ended September 30, 2023 (unaudited)
(in thousands)	As Previously Reported			Adjustment			Ref.	As Restated			As Previously Reported			Adjustment			Ref.	As Restated			As Previously Reported			Adjustment			Ref.	As Restated

Cash flows from operating activities:
Net loss	$	(1,143	)	$	(125	)	(c)	$	(1,268	)	$	(2,861	)	$	(250	)	(c)	$	(3,111	)	$	(3,449	)	$	(375	)	(c)	$	(3,824	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Additions to media library		—			(2,452	)	(a)		(2,452	)		—			(5,210	)	(a)		(5,210	)		—			(7,396	)	(a)		(7,396	)
Equity method investment losses		—			125		(c)		125			—			250		(c)		250			—			375		(c)		375
Net cash provided by operating activities		3,138			(2,452	)			686			6,480			(5,210	)			1,270			10,081			(7,396	)			2,685
Cash flows from investing activities:
Additions to media library, property and equipment		(3,870	)		2,452		(a)		(1,418	)		(7,119	)		5,210		(a)		(1,909	)		(10,371	)		7,396		(a)		(2,975	)
Net cash used in investing activities		(3,870	)		2,452				(1,418	)		(7,119	)		5,210				(1,909	)		(10,371	)		7,396				(2,975	)
Cash flows from financing activities:
Proceeds from short-term borrowings		7,500			(1,200	)	(b)		6,300			12,600			—				12,600			19,900			—				19,900
Repayment of debt		(7,504	)		1,200		(b)		(6,304	)		(12,686	)		—				(12,686	)		(19,985	)		—				(19,985	)
Net cash (used in) provided by financing activities		18			—				18			(44	)		—				(44	)		(43	)		—				(43	)