XML 21 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:    
Net income $ 6,481,049 $ 87,131,169
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation 1,945,669 1,745,134
Provision for bad debts 2,842,941 1,471,875
Depreciation and amortization 6,601,123 6,133,812
Change in fair value of contingent consideration 4,415,925 (10,053,754)
Gain on dispositions, net   (3,707,993)
Gain on exchange   (11,803,585)
Termination of retirement benefits plan 0 (1,812,448)
Amortization of loan fees 1,899,532 2,150,450
Loss on modification of long-term debt 281,021 3,954,035
Deferred income taxes 7,749,100 (46,051,371)
Change in operating assets and liabilities, net of acquisition:    
Accounts receivable (12,590,742) 4,045,237
Prepaid expenses 2,867,240 (1,092,197)
Other assets 2,092,660 (1,289,585)
Accounts payable 1,763,322 1,760,393
Other liabilities (882,127) (4,608,589)
Other operating activities (79,610) 48,474
Net cash provided by operating activities 24,394,480 28,021,057
Cash flows from investing activities:    
Payments for acquisitions (39,520,000)  
Payment for exchange of radio station   (12,000,000)
Capital expenditures (4,209,668) (4,192,614)
Proceeds from dispositions   35,000,000
Payments for translator licenses (202,675) (1,134,103)
Payments for investments (1,680,000)  
Loan to related party   (150,000)
Net cash provided by (used in) investing activities (45,612,343) 17,523,283
Cash flows from financing activities:    
Issuance of debt 35,000,000 9,000,000
Payments on debt (8,064,019) (52,061,077)
Payments of debt issuance costs (553,062) (2,641,754)
Dividends paid (5,388,512) (5,137,470)
Purchase of treasury stock (265,106) (1,107,064)
Net cash provided by (used in) financing activities 20,729,301 (51,947,365)
Net decrease in cash and cash equivalents (488,562) (6,403,025)
Cash and cash equivalents at beginning of period 13,922,390 20,325,415
Cash and cash equivalents at end of period 13,433,828 13,922,390
Cash paid for interest 13,985,580 15,890,835
Cash paid for income taxes 928,750 2,021,125
Supplement disclosure of non-cash investing and financing activities:    
Dividends declared but unpaid 1,373,511 1,286,381
Translator license and equipment received as consideration   332,000
Note receivable and accrued interest converted to investment 187,618  
Postretirement Benefits Plan [Member]    
Adjustments to reconcile net income to net cash provided by operating activities:    
Termination of retirement benefits plan   $ (1,812,448)
Pension Plan [Member]    
Adjustments to reconcile net income to net cash provided by operating activities:    
Termination of retirement benefits plan (992,623)  
Class A Common Stock [Member]    
Supplement disclosure of non-cash investing and financing activities:    
Class A common stock returned to treasury stock 13,515,406  
Common stock issued for acquisition $ 29,888