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Segment Information
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Segment Information
(12)
Segment Information
The Company currently operates three operating segments (Audio, Digital, esports) and two reportable segments (Audio, Digital). The identification of segments is consistent with how the segments report to and are managed by the Company’s Chief Executive Officer (the Company’s Chief Operating Decision Maker). 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, and Wilmington, DE. The Digital segment generates revenue primarily from the sale of digital advertising to customers of the Company’s radio stations and other advertisers throughout the United States. 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 income (loss).
Reportable segment information for the three months ended June 30, 2022 is as follows:
 
                                                                                                                                             
    
Audio
     
Digital
     
Other
    
Corporate
    
Total
  
Net revenue
   
$
53,417,896
 
   
$
10,719,410
 
   
$
673,144
 
  
$
—  
 
  
$
64,810,450
 
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Operating expenses
   
 
43,187,604
 
   
 
9,171,535
 
   
 
1,267,453
 
  
 
—  
 
  
 
53,626,592
 
Corporate expenses
   
 
—  
 
   
 
—  
 
   
 
—  
 
  
 
4,567,470
 
  
 
4,567,470
 
Depreciation and amortization
   
 
1,564,338
 
   
 
4,613
 
   
 
700,953
 
  
 
181,198
 
  
 
2,451,102
 
Impairment losses
   
 
8,619,097
 
   
 
—  
 
   
 
—  
 
  
 
—  
 
  
 
8,619,097
 
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Operating income (loss)
   
$
46,857
 
   
$
1,543,262
 
   
$
(1,295,262
) 
  
$
(4,748,668
) 
  
$
(4,453,811
) 
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
 
                                                                                                                                             
    
Audio
     
Digital
     
Other
    
Corporate
     
Total
  
Capital expenditures
   
$
5,039,229
 
   
$
8,982
 
   
$
(1,598
) 
  
$
64,514
 
   
$
5,111,127
 
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, net
   
 
—  
 
   
 
—  
 
   
 
—  
 
  
 
(1,500,000
) 
  
 
(1,500,000
) 
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Operating income (loss)
   
$
9,588,993
 
   
$
68,783
 
   
$
(1,288,888
) 
  
$
(2,597,380
) 
  
$
5,771,508
 
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
 
                                                                                                                                             
    
Audio
     
Digital
     
Other
     
Corporate
     
Total
  
Capital expenditures
   
$
1,276,776
 
   
$
87,432
 
   
$
—  
 
   
$
160,311
 
   
$
1,524,519
 
Reportable segment information for the six months ended June 30, 2022 is as follows:
 
                                                                                                                                             
    
Audio
     
Digital
     
Other
    
Corporate
    
Total
  
Net revenue
   
$
100,783,041
 
   
$
18,527,660
 
   
$
1,220,017
 
  
$
—  
 
  
$
120,530,718
 
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Operating expenses
   
 
84,050,529
 
   
 
17,573,298
 
   
 
2,012,314
 
  
 
—  
 
  
 
103,636,141
 
Corporate expenses
   
 
—  
 
   
 
—  
 
   
 
—  
 
  
 
8,800,930
 
  
 
8,800,930
 
Depreciation and amortization
   
 
3,186,165
 
   
 
9,077
 
   
 
1,396,301
 
  
 
375,459
 
  
 
4,967,002
 
Impairment losses
   
 
10,476,323
 
   
 
—  
 
   
 
—  
 
  
 
—  
 
  
 
10,476,323
 
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Operating income (loss)
   
$
3,070,024
 
   
$
945,285
 
   
$
(2,188,598
) 
  
$
(9,176,389
) 
  
$
(7,349,678
) 
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
 
                                                                                                                                             
    
Audio
     
Digital
     
Other
     
Corporate
     
Total
  
Capital expenditures
   
$
6,221,223
 
   
$
10,826
 
   
$
59,084
 
   
$
206,744
 
   
$
6,497,877
 
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
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
                                                                                                                                             
    
Audio
     
Digital
     
Other
     
Corporate
     
Total
  
Capital expenditures
   
$
1,989,721
 
   
$
87,432
 
   
$
2,852
 
   
$
473,782
 
   
$
2,553,787
 
Reportable segment information as of June 30, 2022 is as follows:
 
    
Audio
     
Digital
     
Other
     
Corporate
     
Total
  
Property and equipment, net
    $ 48,624,289      $ 76,296      $ 75,224      $ 3,882,252      $ 52,658,061  
FCC licenses
      503,003,909        —          —          —          503,003,909  
Goodwill
      19,520,896        —          3,219,100        —          22,739,996  
Other intangibles, net
      1,907,547        2,000,000        19,285,987        179,663        23,373,197  
Reportable segment information as of December 31, 2021 is as follows:
 
                                                                                                                                             
    
Audio
     
Digital
     
Other
     
Corporate
     
Total
  
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