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Segment Information
 9 Months Ended
Sep. 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 September 30, 2021 is as follows:
 
    
Audio
     
Digital
     
Other
    
Corporate
    
Total
  
Net revenue
    $ 54,043,650      $ 8,318,112      $ 541,173     $ —       $ 62,902,935  
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Operating expenses
      42,287,054        8,047,207        851,803       —         51,186,064  
Corporate expenses
      —          —          —         3,980,815       3,980,815  
Depreciation and amortization
      1,896,729        4,371        796,018       146,232       2,843,350  
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Operating income (loss)
    $ 9,859,867      $ 266,534      $ (1,106,648 )    $ (4,127,047 )    $ 4,892,706  
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Reportable segment information for the nine months ended September 30, 2021 is as follows:
    
Audio
    
Digital
    
Other
    
Corporate
    
Total
  
Net revenue
    $ 146,988,486     $ 22,065,183     $ 1,636,011     $ —       $ 170,689,680  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Operating expenses
      116,737,528       23,215,540       2,695,287       —         142,648,355  
Corporate expenses
      —         —         —         11,843,958       11,843,958  
Depreciation and amortization
      5,812,342       8,513       2,403,940       421,379       8,646,174  
Gain on disposition
      (191,988 )      —         —         —         (191,988 ) 
Other operating (income) expense, net
      500,000       —         —         (900,000 )      (400,000 ) 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Operating income (loss)
    $ 24,130,604     $ (1,158,870 )    $ (3,463,216 )    $ (11,365,337 )    $ 8,143,181  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Reportable segment information as of September 30, 2021 is as follows:
 
  
Audio
 
  
Digital
 
  
Other
 
  
Corporate
 
  
Total
 
Capital expenditures
    $ 3,098,655      $ 87,432      $ 2,852      $ 515,811      $ 3,704,750  
Property and equipment, net
      46,154,908        78,919        22,618        4,780,616        51,037,061  
FCC licenses
      508,413,913        —          —          —          508,413,913  
Goodwill
      25,377,447        —        3,219,100        —        28,596,547  
Other intangibles, net
      2,010,106        —          21,238,466        179,663        23,428,235