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Segment Information
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Segment Information
(13) 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 stations in the following 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 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 September 30, 2022 is as follows:
 
                                                                                                                                             
    
Audio
     
Digital
     
Other
    
Corporate
    
Total
  
Net revenue
    $ 52,995,670      $ 10,241,671      $ 585,947     $ —       $ 63,823,288  
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Operating expenses
      42,456,844        8,237,262        817,593       —         51,511,699  
Corporate expenses
      —          —          —         5,132,362       5,132,362  
Depreciation and amortization
      1,520,168        47,882        699,969       188,627       2,456,646  
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Operating income (loss)
    $ 9,018,658      $ 1,956,527      $ (931,615 )    $ (5,320,989 )    $ 4,722,581  
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
 
                                                                                                                                                            
    
Audio
     
Digital
     
Other
     
Corporate
     
Total
  
Capital expenditures
   
$
4,517,127
 
   
$
25,959
 
   
$
—  
 
   
$
191,949
 
   
$
4,735,035
 
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  
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
 
                                                                                                                                                            
    
Audio
     
Digital
     
Other
     
Corporate
     
Total
  
Capital expenditures
   
$
1,108,934
 
   
$
—  
 
   
$
—  
 
   
$
42,029
 
   
$
1,150,963
 
 
Reportable segment information for the nine months ended September 30, 2022 is as follows:
 
                        
                        
                        
                        
                        
    
Audio
     
Digital
     
Other
    
Corporate
    
Total
  
Net revenue
    $ 153,778,711      $ 28,769,331      $ 1,805,964     $ —       $ 184,354,006  
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Operating expenses
      126,507,373        25,810,560        2,829,907       —         155,147,840  
Corporate expenses
      —          —          —         13,933,292       13,933,292  
Depreciation and amortization
      4,706,333        56,959        2,096,270       564,086       7,423,648  
Impairment losses
      10,476,323        —          —         —         10,476,323  
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Operating income (loss)
    $ 12,088,682      $ 2,901,812      $ (3,120,213 )    $ (14,497,378 )    $ (2,627,097 ) 
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
 
                                                                                                                            
    
Audio
     
Digital
     
Other
     
Corporate
     
Total
  
Capital expenditures
   
$
10,738,350
 
   
$
36,785
 
   
$
59,084
 
   
$
398,693
 
   
$
11,232,912
 
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