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Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2022
Segment Reporting [Abstract] |
Segment Information |
(21) | 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 consolidated statements of comprehensive loss. Reportable segment information for the year ended December 31, 2022 is as follows:
|  | Audio |  |  | Digital |  |  | Other |  |  | Corporate |  |  | Total |
Net revenue |  | $ | 213,036,307 |  |  | $ | 40,755,164 |  |  | $ | 2,589,547 |  |  | $ | — |  |  | $ | 256,381,018 |
Operating expenses |  |  | 173,011,492 |  |  |  | 36,398,687 |  |  |  | 3,825,884 |  |  |  | — |  |  |  | 213,236,063 |
Corporate expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 18,001,359 |  |  |  | 18,001,359 |
Depreciation and amortization |  |  | 6,277,953 |  |  |  | 102,402 |  |  |  | 2,772,489 |  |  |  | 767,702 |  |  |  | 9,920,546 |
Impairment losses |  |  | 38,594,470 |  |  |  | — |  |  |  | 14,280,000 |  |  |  | — |  |  |  | 52,874,470 |
Gain on exchange |  |  | (3,350,539 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,350,539 | )
Operating income (loss) |  | $ | (1,497,069 | ) |  | $ | 4,254,075 |  |  | $ | (18,288,826 | ) |  | $ | (18,769,061 | ) |  | $ | (34,300,881 | )
|  | Audio |  |  | Digital |  |  | Other |  |  | Corporate |  |  | Total |
Capital expenditures |  | $ | 13,160,276 |  |  | $ | 58,300 |  |  | $ | 59,084 |  |  | $ | 401,651 |  |  | $ | 13,679,311 |
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 |
|  | Audio |  |  | Digital |  |  | Other |  |  | Corporate |  |  | Total |
Capital expenditures |  | $ | 4,409,592 |  |  | $ | 87,432 |  |  | $ | 2,852 |  |  | $ | (1,108 | ) |  | $ | 4,498,768 |
Reportable segment information as of December 31, 2022 is as follows:
|  | Audio |  |  | Digital |  |  | Other |  |  | Corporate |  |  | Total |
Property and equipment, net |  | $ | 51,941,687 |  |  | $ | 112,693 |  |  | $ | 67,751 |  |  | $ | 3,684,916 |  |  | $ | 55,807,047 |
FCC licenses |  |  | 487,249,798 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 487,249,798 |
Goodwill |  |  | 10,582,360 |  |  |  | 922,000 |  |  |  | 1,761,100 |  |  |  | — |  |  |  | 13,265,460 |
Other intangibles, net |  |  | 1,841,001 |  |  |  | 992,752 |  |  |  | 5,206,523 |  |  |  | 179,663 |  |  |  | 8,219,939 |
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 |

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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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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