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Segment Information
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Segment Information
(12)
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 June 30, 2021 is as follows:
 
    
Audio
     
Digital
     
Other
    
Corporate
    
Total
  
Net revenue
    $  51,215,234      $  7,983,343      $  376,128     $ —       $  59,574,705  
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Operating expenses
      39,715,005        7,910,418        868,997       —         48,494,420  
Corporate expenses
      —          —          —         3,957,854       3,957,854  
Depreciation and amortization
      1,911,236        4,142        796,019       139,526       2,850,923  
Other operating income
      —          —          —         (1,500,000 )      (1,500,000 ) 
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Operating income (loss)
    $ 9,588,993      $ 68,783      $  (1,288,888)     $  (2,597,380)     $ 5,771,508  
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Reportable segment information for the six months ended June 30, 2021 is as follows:
 
    
Audio
    
Digital
    
Other
    
Corporate
    
Total
  
Net revenue
    $ 92,944,836     $  13,747,071     $ 1,094,838     $ —       $  107,786,745  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Operating expenses
      74,450,474       15,168,333       1,843,484       —         91,462,291  
Corporate expenses
      —         —         —         7,863,143       7,863,143  
Depreciation and amortization
      3,915,613       4,142       1,607,922       275,147       5,802,824  
Gain on disposition
      (191,988 )      —         —         —         (191,988 ) 
Other operating
(income) expense, net
      500,000       —         —         (900,000 )      (400,000 ) 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Operating income (loss)
    $  14,270,737     $  (1,425,404)     $  (2,356,568)     $  (7,238,290)     $ 3,250,475  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Reportable segment information as of June 30, 2021 is as follows:
 
    
Audio
     
Digital
     
Other
     
Corporate
     
Total
  
Capital expenditures
    $ 1,989,721      $ 87,432      $ 2,852      $ 473,782      $ 2,553,787  
Property and equipment, net
    46,920,430        83,290        23,329        4,884,819        51,911,868  
FCC licenses
    508,413,913        —          —          —          508,413,913  
Goodwill
    25,377,447      —          3,219,100        —          28,596,547  
Other intangibles, net
    2,046,118      —          22,012,773        179,663        24,238,554