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Segment Information | 12 Months Ended
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Dec. 31, 2021
Segment Reporting [Abstract] |
Segment Information |
(20) | 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 expenses include general and administrative expenses and certain other income and expense items not allocated to the operating segments. 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 year ended December 31, 2021 is as follows:
|  | Audio |  |  | Digital |  |  | Other |  |  | Corporate |  |  | Total |
Net revenue |  | $ | 206,460,883 |  |  | $ | 32,743,850 |  |  | $ | 2,221,575 |  |  | $ | — |  |  | $ | 241,426,308 |
Operating expenses |  |  | 163,639,369 |  |  |  | 32,355,572 |  |  |  | 3,475,244 |  |  |  | — |  |  |  | 199,470,185 |
Corporate expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 16,578,046 |  |  |  | 16,578,046 |
Depreciation and amortization |  |  | 7,514,406 |  |  |  | 12,885 |  |  |  | 3,148,595 |  |  |  | 634,109 |  |  |  | 11,309,995 |
Gain on disposition |  |  | (191,988 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (191,988 | )
Other operating (income) expense, net |  |  | 500,000 |  |  |  | — |  |  |  | — |  |  |  | (900,000 | ) |  |  | (400,000 | )
Operating income (loss) |  | $ | 34,999,096 |  |  | $ | 375,393 |  |  | $ | (4,402,264 | ) |  | $ | (16,312,155 | ) |  | $ | 14,660,070 |
Reportable segment information as of December 31, 2021 is as follows:
|  | Audio |  |  | Digital |  |  | Other |  |  | Corporate |  |  | Total |
Capital expenditures |  | $ | 4,409,592 |  |  | $ | 87,432 |  |  | $ | 2,852 |  |  | $ | (1,108 | ) |  | $ | 4,498,768 |
Property and equipment, net |  |  | 45,696,008 |  |  |  | 74,547 |  |  |  | 21,644 |  |  |  | 4,050,967 |  |  |  | 49,843,166 |
FCC licenses |  |  | 508,413,913 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 508,413,913 |
Goodwill |  |  | 25,377,447 |  |  |  | — |  |  |  | 3,219,100 |  |  |  | — |  |  |  | 28,596,547 |
Other intangibles, net |  |  | 1,974,093 |  |  |  | — |  |  |  | 20,543,451 |  |  |  | 179,663 |  |  |  | 22,697,207 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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