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Segment Information
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Segment Information
 
(11)
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 loss.
Reportable segment information for the three months ended March 31, 2023 is as follows:
 
    
Audio
     
Digital
     
Other
    
Corporate
    
Total
  
Net revenue
    $ 47,417,966      $ 9,976,785      $ 384,369     $ —       $ 57,779,120  
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Operating expenses
      39,899,594        9,907,597        846,464       —         50,653,655  
Corporate expenses
      —          —          —         4,483,095       4,483,095  
Depreciation and amortization
      1,774,764        46,766        196,477       211,318       2,229,325  
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Operating income (loss)
    $ 5,743,608      $ 22,422      $ (658,572 )    $ (4,694,413 )    $ 413,045  
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
 
 
 
  
Audio
 
  
Digital
 
  
Other
 
  
Corporate
 
  
Total
 
Capital expenditures
    $ 1,138,114      $ 2,813      $ 20,122      $ 8,231      $ 1,169,280  
Reportable segment information for the three months ended March 31, 2022 is as follows:
 
    
Audio
     
Digital
    
Other
    
Corporate
    
Total
  
Net revenue
    $ 47,365,145      $ 7,808,250     $ 546,873     $ —       $ 55,720,268  
    
 
 
     
 
 
    
 
 
    
 
 
    
 
 
  
Operating expenses
      40,683,812        8,401,763       744,861       —         49,830,436  
Corporate expenses
      —          —         —         4,233,460       4,233,460  
Depreciation and amortization
      1,621,827        4,464       695,348       194,261       2,515,900  
Impairment loss
      1,857,226        —         —         —         1,857,226  
    
 
 
     
 
 
    
 
 
    
 
 
    
 
 
  
Operating income (loss)
    $ 3,202,280      $ (597,977 )    $ (893,336 )    $ (4,427,721 )    $ (2,716,754 ) 
    
 
 
     
 
 
    
 
 
    
 
 
    
 
 
  
 
 
  
Audio
 
  
Digital
 
  
Other
 
  
Corporate
 
  
Total
 
Capital expenditures
    $ 1,181,994      $ 1,844      $ 60,682      $ 142,230      $ 1,386,750  
Reportable segment information as of March 31, 2023 is as follows:
 
    
Audio
     
Digital
     
Other
     
Corporate
     
Total
  
Property and equipment, net
    $ 50,931,567      $ 108,219      $ 84,136      $ 3,481,829      $ 54,605,751  
FCC licenses
      487,249,798        —          —          —          487,249,798  
Goodwill
      10,582,360        922,000        1,761,100        —          13,265,460  
Other intangibles, net
      1,807,728        953,273        5,037,254        179,663        7,977,918  
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