Asset Exchange (Tables)

12 Months Ended

Dec. 31, 2015

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

Summary of Discontinued Operations

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

Summary of Operating and Investing Cash Flows of Discontinued Operations

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	)