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Condensed Consolidated Statements of Cash Flows
6 Months Ended
Jun. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
Cash flows from operating activities:    
Net income (loss) $ (27,113,960) $ 5,622,264
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Stock-based compensation 465,703 1,132,190
Provision for bad debts 3,180,444 (72,379)
Depreciation and amortization 5,462,546 3,511,474
Gain on dispositions   (3,545,755)
Impairment losses 6,804,412  
Amortization of loan fees 967,966 967,966
Loss on modification of long-term debt 2,798,789  
Deferred income taxes (8,322,642) 1,025,496
Equity in earnings of unconsolidated affiliates 86,494  
Change in operating assets and liabilities:    
Accounts receivable 21,704,800 5,002,344
Prepaid expenses (147,897) (2,878,929)
Other assets 3,398,417 (2,046,809)
Accounts payable 179,507 890,586
Other liabilities (2,787,003) 2,008,914
Other operating activities 411,840 (83,423)
Net cash provided by operating activities 7,089,416 11,533,939
Cash flows from investing activities:    
Capital expenditures (5,955,130) (4,669,405)
Proceeds from dispositions   3,800,000
Payments for investments (1,000,000) (2,500,000)
Net cash used in investing activities (6,955,130) (3,369,405)
Cash flows from financing activities:    
Issuance of debt 14,000,000  
Payments on debt (4,500,000) (6,500,000)
Payment of debt issuance costs (2,581,163)  
Reduction of finance lease liabilities (32,410) (33,551)
Dividends paid (2,795,504) (2,761,343)
Purchase of treasury stock (31,919) (31,084)
Net cash provided by (used in) financing activities 4,059,004 (9,325,978)
Net increase (decrease) in cash and cash equivalents 4,193,290 (1,161,444)
Cash and cash equivalents at beginning of period 18,648,171 13,433,828
Cash and cash equivalents at end of period 22,841,461 12,272,384
Cash paid for interest 7,330,654 8,237,145
Cash paid for income taxes $ 115,400 2,537,750
Supplement disclosure of non-cash investing and financing activities:    
Dividends declared but unpaid   1,388,992
Media advertising exchanged for investment   1,000,000
Class A Common Stock [Member]    
Supplement disclosure of non-cash investing and financing activities:    
Class A common stock issued for acquisition   198,500
Class A common stock issued for investment   $ 974,125