XML 20 R7.htm IDEA: XBRL DOCUMENT v3.23.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net loss $ (42,057,430) $ (1,535,094)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Stock-based compensation 1,058,903 1,383,456
Provision for bad debts 1,108,840 (1,248,394)
Depreciation and amortization 9,920,546 11,309,995
FCC licenses impairment losses 23,799,383 0
Goodwill impairment losses 16,253,087 0
Other impairment losses 12,822,000 0
Gain on exchange (3,350,539) 0
Gain on disposition 0 (191,988)
Amortization of loan fees 1,491,061 1,551,996
Loss on extinguishment of long-term debt 0 4,996,731
Gain on forgiveness of long-term debt 0 (10,000,000)
Deferred income taxes (18,157,845) (5,321,630)
Equity in earnings of unconsolidated affiliates 12,260 132,264
Change in operating assets and liabilities:    
Accounts receivable (4,413,929) (4,734,620)
Prepaid expenses (1,034,175) (1,557,196)
Other assets (639,724) (143,084)
Accounts payable 12,349,540 (5,400,326)
Other liabilities 3,212,130 8,758,921
Other operating activities (1,227,024) 91,742
Net cash provided by (used in) operating activities 11,147,084 (1,907,227)
Cash flows from investing activities:    
Payment for acquisition (2,000,000) 0
Capital expenditures (13,363,000) (4,498,768)
Proceeds from dispositions 1,185,312 362,500
Proceeds from life insurance 0 3,000,000
Net cash used in investing activities (14,177,688) (1,136,268)
Cash flows from financing activities:    
Issuance of debt 0 310,000,000
Payments on debt (8,677,500) (268,500,000)
Payment of debt issuance costs 0 (7,604,215)
Reduction of finance lease liabilities (1,945) (70,171)
Purchase of treasury stock (133,940) (162,909)
Net cash provided by (used in) financing activities (8,813,385) 33,662,705
Net increase (decrease) in cash and cash equivalents (11,843,989) 30,619,210
Cash and cash equivalents at beginning of period 51,378,642 20,759,432
Cash and cash equivalents at end of period 39,534,653 51,378,642
Cash paid for interest 25,564,611 14,704,713
Cash paid for income taxes 1,550,250 1,526,303
Supplemental disclosure of non-cash investing and financing activities:    
Acquisition of noncontrolling interest 0 4,490,130
Extinguishment of trade sales payable 0 934,500
Class A Common Stock [Member]    
Supplemental disclosure of non-cash investing and financing activities:    
Class A common stock returned to treasury stock $ 0 $ 670,594