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Segment Information
 6 Months Ended
Jun. 30, 2023
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 loss.

Reportable segment information for the three months ended June 30, 2023 is as follows:

 

 

Audio

 

 

Digital

 

 

Other

 

 

Corporate

 

 

Total

 

Net revenue

 

$

50,448,093

 

 

$

12,301,269

 

 

$

712,361

 

 

$

-

 

 

$

63,461,723

 

Operating expenses

 

 

39,369,033

 

 

 

10,786,584

 

 

 

1,171,945

 

 

 

-

 

 

 

51,327,562

 

Corporate expenses

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,405,031

 

 

 

4,405,031

 

Depreciation and amortization

 

 

1,737,441

 

 

 

47,201

 

 

 

199,290

 

 

 

212,053

 

 

 

2,195,985

 

Impairment losses

 

 

10,041,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

10,041,000

 

Operating income (loss)

 

$

(699,381

)

 

$

1,467,484

 

 

$

(658,874

)

 

$

(4,617,084

)

 

$

(4,507,855

)

 

 

Audio

 

 

Digital

 

 

Other

 

 

Corporate

 

 

Total

 

Capital expenditures

 

$

811,663

 

 

$

8,777

 

 

$

5,412

 

 

$

21,053

 

 

$

846,905

 

 

Reportable segment information for the three months ended June 30, 2022 is as follows:

 

 

Audio

 

 

Digital

 

 

Other

 

 

Corporate

 

 

Total

 

Net revenue

 

$

53,417,896

 

 

$

10,719,410

 

 

$

673,144

 

 

$

-

 

 

$

64,810,450

 

Operating expenses

 

 

43,187,604

 

 

 

9,171,535

 

 

 

1,267,453

 

 

 

-

 

 

 

53,626,592

 

Corporate expenses

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,567,470

 

 

 

4,567,470

 

Depreciation and amortization

 

 

1,564,338

 

 

 

4,613

 

 

 

700,953

 

 

 

181,198

 

 

 

2,451,102

 

Impairment losses

 

 

8,619,097

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

8,619,097

 

Operating income (loss)

 

$

46,857

 

 

$

1,543,262

 

 

$

(1,295,262

)

 

$

(4,748,668

)

 

$

(4,453,811

)

 

 

Audio

 

 

Digital

 

 

Other

 

 

Corporate

 

 

Total

 

Capital expenditures

 

$

5,039,229

 

 

$

8,982

 

 

$

(1,598

)

 

$

64,514

 

 

$

5,111,127

 

 

Reportable segment information for the six months ended June 30, 2023 is as follows:

 

 

Audio

 

 

Digital

 

 

Other

 

 

Corporate

 

 

Total

 

Net revenue

 

$

97,866,059

 

 

$

22,278,054

 

 

$

1,096,730

 

 

$

-

 

 

$

121,240,843

 

Operating expenses

 

 

79,268,627

 

 

 

20,694,181

 

 

 

2,018,409

 

 

 

-

 

 

 

101,981,217

 

Corporate expenses

 

 

-

 

 

 

-

 

 

 

-

 

 

 

8,888,126

 

 

 

8,888,126

 

Depreciation and amortization

 

 

3,512,205

 

 

 

93,967

 

 

 

395,767

 

 

 

423,371

 

 

 

4,425,310

 

Impairment losses

 

 

10,041,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

10,041,000

 

Operating income (loss)

 

$

5,044,227

 

 

$

1,489,906

 

 

$

(1,317,446

)

 

$

(9,311,497

)

 

$

(4,094,810

)

 

 

Audio

 

 

Digital

 

 

Other

 

 

Corporate

 

 

Total

 

Capital expenditures

 

$

1,949,777

 

 

$

11,590

 

 

$

25,534

 

 

$

29,284

 

 

$

2,016,185

 

 

Reportable segment information for the six months ended June 30, 2022 is as follows:

 

 

Audio

 

 

Digital

 

 

Other

 

 

Corporate

 

 

Total

 

Net revenue

 

$

100,783,041

 

 

$

18,527,660

 

 

$

1,220,017

 

 

$

-

 

 

$

120,530,718

 

Operating expenses

 

 

84,050,529

 

 

 

17,573,298

 

 

 

2,012,314

 

 

 

-

 

 

 

103,636,141

 

Corporate expenses

 

 

-

 

 

 

-

 

 

 

-

 

 

 

8,800,930

 

 

 

8,800,930

 

Depreciation and amortization

 

 

3,186,165

 

 

 

9,077

 

 

 

1,396,301

 

 

 

375,459

 

 

 

4,967,002

 

Impairment losses

 

 

10,476,323

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

10,476,323

 

Operating income (loss)

 

$

3,070,024

 

 

$

945,285

 

 

$

(2,188,598

)

 

$

(9,176,389

)

 

$

(7,349,678

)

 

 

Audio

 

 

Digital

 

 

Other

 

 

Corporate

 

 

Total

 

Capital expenditures

 

$

6,221,223

 

 

$

10,826

 

 

$

59,084

 

 

$

206,744

 

 

$

6,497,877

 

 

Reportable segment information as of June 30, 2023 is as follows:

 

 

Audio

 

 

Digital

 

 

Other

 

 

Corporate

 

 

Total

 

Property and equipment, net

 

$

49,958,321

 

 

$

109,274

 

 

$

84,109

 

 

$

3,290,829

 

 

$

53,442,533

 

FCC licenses

 

 

477,208,798

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

477,208,798

 

Goodwill

 

 

10,582,360

 

 

 

922,000

 

 

 

1,761,100

 

 

 

-

 

 

 

13,265,460

 

Other intangibles, net

 

 

1,774,455

 

 

 

913,794

 

 

 

4,867,985

 

 

 

179,663

 

 

 

7,735,897

 

 

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