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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