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Segment Information
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Segment Information
(11)
Segment Information
Effective January 1, 2021, the Company created a digital division that generates revenue primarily from the sale of digital advertising to customers of the Company’s radio stations and other advertisers throughout the United States. All digital operations are the responsibility of the Company’s Chief Digital Officer who reports to the Company’s Chief Executive Officer (the Company’s chief operating decision maker). As a result, the Company has identified two reportable segments, Audio and Digital. The Audio segment generates revenue primarily from the sale of commercial advertising to customers of the Company’s radio stations in the following radio markets: Atlanta, GA, Augusta, GA, Boston, MA, Charlotte, NC, Detroit, MI, Fayetteville, NC, Fort Myers-Naples, FL, Las Vegas, NV, Middlesex, NJ, Monmouth, NJ, Morristown, NJ, Philadelphia, PA, Tampa-Saint Petersburg, FL, West Palm Beach-Boca Raton, FL, and Wilmington, DE. Corporate includes general and administrative expenses and certain other income and expense items not allocated to the operating segments.
Non-operating
corporate items including interest expense and income taxes, are reported in the accompanying condensed consolidated statements of comprehensive loss. The identification of segments is consistent with how the segments report to and are managed by the Company’s chief operating decision maker.
Reportable segment information for the three months ended March 31, 2021 is as follows:
 
   
Audio
  
Digital
  
Other
  
Corporate
  
Total
 
Net revenue
  $41,729,602  $5,763,728  $718,710  $—    $48,212,040 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
Operating expenses
   34,735,469   7,257,915   974,487   —     42,967,871 
Corporate expenses
   —     —     —     3,905,289   3,905,289 
Other operating expenses
   500,000   —     —     600,000   1,100,000 
Depreciation and amortization
   2,004,377   —     811,903   135,621   2,951,901 
Gain on disposition
   (191,988)   —     —     —     (191,988) 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
Operating income (loss)
  $4,681,744  $(1,494,187)  $(1,067,680)  $(4,640,910)  $(2,521,033) 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
   
Audio
   
Digital
   
Other
   
Corporate
   
Total
 
Capital expenditures
  $712,945   $—     $2,852   $313,471   $1,029,268 
Property and equipment, net
   47,515,545    —      24,041    4,864,034    52,403,620 
FCC licenses
   508,413,913    —      —      —      508,413,913 
Goodwill
   25,377,447    —      3,219,100    —      28,596,547 
Other intangibles, net
   2,082,130    —      22,787,080    179,663    25,048,873