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Segment Information
 12 Months Ended
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