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☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Nevada						84-2331507
(State or other jurisdiction of incorporation or organization)						(IRS employer identification number)
14185 Dallas Parkway
Suite 1200
Dallas
Texas						75254
(Address of principal executive offices)						(Zip code)

    Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. þ Yes ¨ No

    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). þ Yes ¨ No

Large accelerated filer			☐			Accelerated filer			☐
Non-accelerated filer			☑			Smaller reporting company			☑
						Emerging growth company			☐

    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes þ No

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock

AINC

NYSE American LLC

Preferred Stock Purchase Rights

NYSE American LLC

Common Stock, $0.001 par value per share						3,115,061
(Class)						Outstanding at November 7, 2022

FOR THE QUARTER ENDED SEPTEMBER 30, 2022

PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (unaudited)
Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021			2
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2022 and 2021			3
Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2022 and 2021			4
Condensed Consolidated Statements of Equity (Deficit) for the Three and Nine Months Ended September 30, 2022 and 2021			5
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021			7
Notes to Condensed Consolidated Financial Statements			9
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			53
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			74
ITEM 4. CONTROLS AND PROCEDURES			75
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS			76
ITEM 1A. RISK FACTORS			76
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS			79
ITEM 3. DEFAULTS UPON SENIOR SECURITIES			79
ITEM 4. MINE SAFETY DISCLOSURES			79
ITEM 5. OTHER INFORMATION			80
ITEM 6. EXHIBITS			81
SIGNATURES			83

(unaudited, in thousands, except share and per share amounts)

			September 30, 2022						December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents			$	44,071					$	37,571
Restricted cash			37,114						34,878
Restricted investment			348						576
Accounts receivable, net			19,458						10,502
Due from affiliates			256						165
Due from Ashford Trust			4,483						2,575
Due from Braemar			9,562						1,144
Inventories			1,853						1,555
Prepaid expenses and other			5,760						9,490
Total current assets			122,905						98,456
Investments in unconsolidated entities			3,941						3,581
Property and equipment, net			81,471						83,566
Operating lease right-of-use assets			24,800						26,975
Goodwill			58,675						56,622
Intangible assets, net			233,031						244,726
Other assets, net			376						870
Total assets			$	525,199					$	514,796
LIABILITIES
Current liabilities:
Accounts payable and accrued expenses			$	47,751					$	39,897
Dividends payable			26,777						34,574
Due to affiliates			236						—
Deferred income			426						2,937
Notes payable, net			5,046						6,725
Finance lease liabilities			2,441						1,065
Operating lease liabilities			3,880						3,628
Other liabilities			26,644						25,899
Total current liabilities			113,201						114,725
Deferred income			7,537						7,968
Deferred tax liability, net			28,516						32,848
Deferred compensation plan			2,759						3,326
Notes payable, net			88,961						52,669
Finance lease liabilities			41,915						43,479
Operating lease liabilities			21,041						23,477
Other liabilities			2,876						—
Total liabilities			306,806						278,492
Commitments and contingencies (note 10)
MEZZANINE EQUITY
Series D Convertible Preferred Stock, $0.001 par value, 19,120,000 shares issued and outstanding as of September 30, 2022 and December 31, 2021			478,000						478,000
Redeemable noncontrolling interests			1,732						69
EQUITY (DEFICIT)
Common stock, 100,000,000 shares authorized, $0.001 par value, 3,182,033 and 3,072,688 shares issued and 3,115,061 and 3,023,002 shares outstanding at September 30, 2022 and December 31, 2021, respectively			3						3
Additional paid-in capital			297,069						294,395
Accumulated deficit			(557,635)						(534,999)
Accumulated other comprehensive income (loss)			(471)						(1,206)
Treasury stock, at cost, 66,972 and 49,686 shares at September 30, 2022 and December 31, 2021, respectively			(877)						(596)
Total equity (deficit) of the Company			(261,911)						(242,403)
Noncontrolling interests in consolidated entities			572						638
Total equity (deficit)			(261,339)						(241,765)
Total liabilities, mezzanine equity and equity (deficit)			$	525,199					$	514,796

			Three Months Ended September 30,												Nine Months Ended September 30,
			2022						2021						2022						2021
REVENUE
Advisory services fees			$	12,255					$	10,143					$	36,026					$	30,132
Hotel management fees			12,876						7,750						33,474						18,737
Design and construction fees			6,276						2,202						15,538						5,611
Audio visual			26,159						15,108						87,101						28,170
Other			10,391						13,104						33,902						35,899
Cost reimbursement revenue			96,651						59,879						259,979						137,417
Total revenues			164,608						108,186						466,020						255,966
EXPENSES
Salaries and benefits			21,328						13,793						54,776						46,961
Cost of revenues for design and construction			1,789						1,032						5,905						2,812
Cost of revenues for audio visual			19,884						11,353						61,042						22,611
Depreciation and amortization			8,096						8,056						23,740						24,454
General and administrative			8,390						7,585						25,926						19,444
Impairment			—						1,160						—						1,160
Other			5,750						4,758						16,886						13,428
Reimbursed expenses			96,576						59,822						259,665						137,154
Total expenses			161,813						107,559						447,940						268,024
OPERATING INCOME (LOSS)			2,795						627						18,080						(12,058)
Equity in earnings (loss) of unconsolidated entities			(147)						12						110						(160)
Interest expense			(2,966)						(1,290)						(6,781)						(3,845)
Amortization of loan costs			(219)						(78)						(524)						(209)
Interest income			76						72						195						207
Realized gain (loss) on investments			(3)						370						(74)						(3)
Other income (expense)			(22)						29						(134)						(256)
INCOME (LOSS) BEFORE INCOME TAXES			(486)						(258)						10,872						(16,324)
Income tax (expense) benefit			(617)						(98)						(5,971)						1,550
NET INCOME (LOSS)			(1,103)						(356)						4,901						(14,774)
(Income) loss from consolidated entities attributable to noncontrolling interests			272						180						830						509
Net (income) loss attributable to redeemable noncontrolling interests			(158)						13						(290)						208
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY			(989)						(163)						5,441						(14,057)
Preferred dividends, declared and undeclared			(9,029)						(8,762)						(27,422)						(26,001)
Amortization of preferred stock discount			—						(306)						—						(933)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS			$	(10,018)					$	(9,231)					$	(21,981)					$	(40,991)
INCOME (LOSS) PER SHARE - BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders			$	(3.38)					$	(3.31)					$	(7.59)					$	(14.93)
Weighted average common shares outstanding - basic			2,960						2,785						2,895						2,746
Diluted:
Net income (loss) attributable to common stockholders			$	(3.38)					$	(3.64)					$	(7.64)					$	(14.93)
Weighted average common shares outstanding - diluted			2,960						2,982						2,960						2,746

			Three Months Ended September 30,												Nine Months Ended September 30,
			2022						2021						2022						2021
NET INCOME (LOSS)			$	(1,103)					$	(356)					$	4,901					$	(14,774)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Foreign currency translation adjustment			(214)						(8)						96						96
Unrealized gain (loss) on restricted investment			—						(600)						—						(350)
Less reclassification for realized (gain) loss on restricted investment included in net income			—						5						—						378
COMPREHENSIVE INCOME (LOSS)			(1,317)						(959)						4,997						(14,650)
Comprehensive (income) loss attributable to noncontrolling interests			272						180						830						509
Comprehensive (income) loss attributable to redeemable noncontrolling interests			(158)						13						(290)						208
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY			$	(1,203)					$	(766)					$	5,537					$	(13,933)

			Common Stock												Additional Paid-in Capital						Accumulated  Deficit						Accumulated Other Comprehensive Income (Loss)						Treasury Stock												Noncontrolling Interests in Consolidated Entities						Total						Convertible Preferred Stock												Redeemable Noncontrolling Interests
			Shares						Amount																								Shares						Amount																		Shares						Amount
Balance at June 30, 2022			3,116						$	3					$	295,461					$	(547,602)					$	(257)					(66)						$	(867)					$	459					$	(252,803)					19,120						$	478,000					$	1,509
Equity-based compensation			—						—						1,814						—						—						—						—						—						1,814						—						—						50
Forfeiture of restricted common shares			(1)						—						10						—						—						(1)						(10)						—						—						—						—						—
Dividends declared and undeclared - preferred stock			—						—						—						(9,029)						—						—						—						—						(9,029)						—						—						—
Employee advances			—						—						6						—						—						—						—						—						6						—						—						—
Contributions from noncontrolling interests			—						—						—						—						—						—						—						163						163						—						—						—
Reallocation of carrying value			—						—						(222)						—						—						—						—						222						—						—						—						—
Redemption value adjustment			—						—						—						(15)						—						—						—						—						(15)						—						—						15
Foreign currency translation adjustment			—						—						—						—						(214)						—						—						—						(214)						—						—						—
Net income (loss)			—						—						—						(989)						—						—						—						(272)						(1,261)						—						—						158
Balance at September 30, 2022			3,115						$	3					$	297,069					$	(557,635)					$	(471)					(67)						$	(877)					$	572					$	(261,339)					19,120						$	478,000					$	1,732

			Common Stock												Additional Paid-in Capital						Accumulated  Deficit						Accumulated Other Comprehensive Income (Loss)						Treasury Stock												Noncontrolling Interests in Consolidated Entities						Total						Convertible Preferred Stock												Redeemable Noncontrolling Interests
			Shares						Amount																								Shares						Amount																		Shares						Amount
Balance at December 31, 2021			3,023						$	3					$	294,395					$	(534,999)					$	(1,206)					(49)						$	(596)					$	638					$	(241,765)					19,120						$	478,000					$	69
Equity-based compensation			110						—						3,354						—						—						—						—						—						3,354						—						—						112
Forfeiture of restricted common shares			(3)						—						40						—						—						(3)						(40)						—						—						—						—						—
Purchase of treasury stock			(15)						—						—						—						—						(15)						(241)						—						(241)						—						—						—
Acquisition of Chesapeake			—						—						—						—						—						—						—						—						—						—						—						1,390
Dividends declared and undeclared - preferred stock			—						—						—						(27,422)						—						—						—						—						(27,422)						—						—						—
Employee advances			—						—						(251)						—						—						—						—						—						(251)						—						—						—
Contributions from noncontrolling interests			—						—						—						—						—						—						—						327						327						—						—						—
Reallocation of carrying value			—						—						(469)						—						—						—						—						469						—						—						—						—
Redemption value adjustment			—						—						—						(16)						—						—						—						—						(16)						—						—						16
Distributions to consolidated noncontrolling interests			—						—						—						—						—						—						—						(32)						(32)						—						—						(145)
Foreign currency translation adjustment			—						—						—						—						96						—						—						—						96						—						—						—
Other			—						—						—						(639)						639						—						—						—						—						—						—						—
Net income (loss)			—						—						—						5,441						—						—						—						(830)						4,611						—						—						290
Balance at September 30, 2022			3,115						$	3					$	297,069					$	(557,635)					$	(471)					(67)						$	(877)					$	572					$	(261,339)					19,120						$	478,000					$	1,732

			Common Stock												Additional Paid-in Capital						Accumulated  Deficit						Accumulated Other Comprehensive Income (Loss)						Treasury Stock												Noncontrolling Interests in Consolidated Entities						Total						Convertible Preferred Stock												Redeemable Noncontrolling Interests
			Shares						Amount																								Shares						Amount																		Shares						Amount
Balance at June 30, 2021			3,023						$	3					$	292,534					$	(520,787)					$	(429)					(48)						$	(582)					$	251					$	(229,010)					19,120						$	477,574					$	94
Equity-based compensation			—						—						868						—						—						—						—						—						868						—						—						—
Forfeiture of restricted common shares			(1)						—						9						—						—						(1)						(9)						—						—						—						—						—
Amortization of preferred stock discount			—						—						—						(306)						—						—						—						—						(306)						—						306						—
Dividends declared and undeclared - preferred stock			—						—						—						(8,762)						—						—						—						—						(8,762)						—						—						—
Deferred compensation plan distribution			1						—						13						—						—						—						—						—						13						—						—						—
Employee advances			—						—						141						—						—						—						—						—						141						—						—						—
Contributions from noncontrolling interests			—						—						—						—						—						—						—						367						367						—						—						—
Acquisition of noncontrolling interest in consolidated entities			—						—						(2)						5						—						—						—						—						3						—						—						—
Reallocation of carrying value			—						—						(1)						—						—						—						—						1						—						—						—						—
Redemption value adjustment			—						—						—						21						—						—						—						—						21						—						—						(21)
Foreign currency translation adjustment			—						—						—						—						(8)						—						—						—						(8)						—						—						—
Unrealized gain (loss) on available for sale securities			—						—						—						—						(600)						—						—						—						(600)						—						—						—
Reclassification for realized loss (gain) on available for sale securities			—						—						—						—						5						—						—						—						5						—						—						—
Net income (loss)			—						—						—						(163)						—						—						—						(180)						(343)						—						—						(13)
Balance at September 30, 2021			3,023						$	3					$	293,562					$	(529,992)					$	(1,032)					(49)						$	(591)					$	439					$	(237,611)					19,120						$	477,880					$	60

			Common Stock												Additional Paid-in Capital						Accumulated  Deficit						Accumulated Other Comprehensive Income (Loss)						Treasury Stock												Noncontrolling Interests in Consolidated Entities						Total						Convertible Preferred Stock												Redeemable Noncontrolling Interests
			Shares						Amount																								Shares						Amount																		Shares						Amount
Balance at December 31, 2020			2,868						$	3					$	293,597					$	(491,483)					$	(1,156)					(32)						$	(438)					$	(121)					$	(199,598)					19,120						$	476,947					$	1,834
Equity-based compensation			169						—						3,395						—						—						—						—						3						3,398						—						—						—
Forfeiture of restricted common shares			(3)						—						32						—						—						(3)						(32)						—						—						—						—						—
Purchase of treasury stock			(14)						—						—						—						—						(14)						(121)						—						(121)						—						—						—
Amortization of preferred stock discount			—						—						—						(933)						—						—						—						—						(933)						—						933						—
Dividends declared and undeclared - preferred stock			—						—						—						(26,001)						—						—						—						—						(26,001)						—						—						—
Deferred compensation plan distribution			3						—						39						—						—						—						—						—						39						—						—						—
Employee advances			—						—						190						—						—						—						—						—						190						—						—						—
Contributions from noncontrolling interests			—						—						—						—						—						—						—						367						367						—						—						—
Acquisition of noncontrolling interest in consolidated entities			—						—						(3,317)						2,564						—						—						—						325						(428)						—						—						(1,648)
Reallocation of carrying value			—						—						(374)						—						—						—						—						374						—						—						—						—
Redemption value adjustment			—						—						—						(82)						—						—						—						—						(82)						—						—						82
Foreign currency translation adjustment			—						—						—						—						96						—						—						—						96						—						—						—
Unrealized gain (loss) on available for sale securities			—						—						—						—						(350)						—						—						—						(350)						—						—						—
Reclassification for realized loss (gain) on available for sale securities			—						—						—						—						378						—						—						—						378						—						—						—
Net income (loss)			—						—						—						(14,057)						—						—						—						(509)						(14,566)						—						—						(208)
Balance at September 30, 2021			3,023						$	3					$	293,562					$	(529,992)					$	(1,032)					(49)						$	(591)					$	439					$	(237,611)					19,120						$	477,880					$	60