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Asset Exchange | 12 Months Ended
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Dec. 31, 2015
Business Combinations [Abstract] |
Asset Exchange |
(3) | Asset Exchange
On December 1, 2014, the Company completed an asset exchange with CBS Radio Stations, Inc. (“CBS Radio”) under which the Company agreed to exchange all of the assets used or useful in the operations of WRDW-FM and WXTU-FM in Philadelphia, PA and WKIS-FM, WPOW-FM and WQAM-AM in Miami, FL previously owned and operated by the Company for all of the assets used or useful in the operations of WIP-AM in Philadelphia, PA, WHFS-AM, WHFS-FM, WLLD-FM, WQYK-FM, WRBQ-FM and WYUU-FM in Tampa, FL and WBAV-FM, WBCN-AM, WFNZ-AM, WKQC-FM, WNKS-FM, WPEG-FM and WSOC-FM in Charlotte, NC previously owned and operated by CBS Radio. The asset exchange substantially broadened and diversified the Company’s local radio broadcasting platform and revenue base with fourteen new stations that are geographically complementary to the Company’s ongoing operations, while also presenting financial and operating synergies with the Company’s ongoing station portfolio and digital operations. The following pro forma information for the year ended December 31, 2014 assumes that the asset exchange had occurred on January 1, 2014. This pro forma information has been prepared based on estimates and assumptions, which management believes are reasonable, and is not necessarily indicative of what would have occurred had the asset exchange actually been completed on January 1, 2014 or of results that may occur in the future.
Net revenue |  | $ | 112,173,985 |
Operating income |  |  | 19,589,159 |
Net income |  |  | 9,501,522 |
Basic net income per share |  |  | 0.42 |
Diluted net income per share |  |  | 0.41 |
Discontinued Operations After completion of the asset exchange, the Company has significantly decreased operations in the Philadelphia, PA radio market and no longer has any operations in the Miami-Fort Lauderdale, FL radio market. Therefore, the results of operations of WRDW-FM, WXTU-FM, WKIS-FM, WPOW-FM and WQAM-AM have been reported as discontinued operations for the year ended December 31, 2014. A summary of discontinued operations is as follows:
Net revenue |  | $ | 42,621,758 |
Station operating expenses |  |  | 27,732,682 |
Employee termination expenses |  |  | 62,500 |
Depreciation and amortization |  |  | 374,002 |
Gain on exchange of radio stations |  |  | (54,306,974 | )
Other (income) expense, net |  |  | 330,416 |
Income from discontinued operations before income taxes |  |  | 68,429,132 |
Income tax expense |  |  | 29,395,750 |
Income from discontinued operations |  | $ | 39,033,382 |
A summary of operating and investing cash flows of discontinued operations is as follows:
Cash flows from operating activities: |  |  |  |
Income from discontinued operations |  | $ | 39,033,382 |
Adjustments to reconcile income from discontinued operations to net cash provided by (used in) operating activities: |  |  |  |
Provision for bad debts |  |  | 171,414 |
Depreciation and amortization |  |  | 374,002 |
Gain on exchange of radio stations |  |  | (54,306,974 | )
Loss on notes receivable from related party |  |  | 332,034 |
Change in operating assets and liabilities |  |  |  |
Accounts receivable |  |  | 2,432,650 |
Prepaid expenses |  |  | 732,113 |
Other assets |  |  | (846,870 | )
Accounts payable |  |  | (119,044 | )
Other liabilities |  |  | 27,766,919 |
Other operating activities |  |  | (15,760,304 | )
Net cash used in operating activities |  | $ | (190,678 | )
Cash flows from investing activities: |  |  |  |
Capital expenditures |  | $ | (324,847 | )
Repayment of notes receivable from related parties |  |  | 11,003 |
Net cash used in investing activities |  | $ | (313,844 | )

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References No definition available. + Details
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