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Segment Information
 9 Months Ended
Sep. 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, and Tampa-Saint Petersburg, FL. 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 income (loss).

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

 

 

Audio

 

 

Digital

 

 

Other

 

 

Corporate

 

 

Total

 

Net revenue

 

$

48,332,715

 

 

$

11,177,881

 

 

$

609,161

 

 

$

-

 

 

$

60,119,757

 

Operating expenses

 

 

38,932,340

 

 

 

10,110,593

 

 

 

1,074,111

 

 

 

-

 

 

 

50,117,044

 

Corporate expenses

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,493,277

 

 

 

4,493,277

 

Depreciation and amortization

 

 

1,741,376

 

 

 

47,397

 

 

 

199,979

 

 

 

212,912

 

 

 

2,201,664

 

FCC licenses impairment losses

 

 

78,204,065

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

78,204,065

 

Goodwill impairment loss

 

 

10,582,360

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

10,582,360

 

Operating income (loss)

 

$

(81,127,426

)

 

$

1,019,891

 

 

$

(664,929

)

 

$

(4,706,189

)

 

$

(85,478,653

)

 

 

Audio

 

 

Digital

 

 

Other

 

 

Corporate

 

 

Total

 

Capital expenditures

 

$

1,026,120

 

 

$

1,594

 

 

$

-

 

 

$

16,817

 

 

$

1,044,531

 

 

 

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

 

 

Audio

 

 

Digital

 

 

Other

 

 

Corporate

 

 

Total

 

Net revenue

 

$

52,995,670

 

 

$

10,241,671

 

 

$

585,947

 

 

$

-

 

 

$

63,823,288

 

Operating expenses

 

 

42,456,844

 

 

 

8,237,262

 

 

 

817,593

 

 

 

-

 

 

 

51,511,699

 

Corporate expenses

 

 

-

 

 

 

-

 

 

 

-

 

 

 

5,132,362

 

 

 

5,132,362

 

Depreciation and amortization

 

 

1,520,168

 

 

 

47,882

 

 

 

699,969

 

 

 

188,627

 

 

 

2,456,646

 

Operating income (loss)

 

$

9,018,658

 

 

$

1,956,527

 

 

$

(931,615

)

 

$

(5,320,989

)

 

$

4,722,581

 

 

 

Audio

 

 

Digital

 

 

Other

 

 

Corporate

 

 

Total

 

Capital expenditures

 

$

4,517,127

 

 

$

25,959

 

 

$

-

 

 

$

191,949

 

 

$

4,735,035

 

 

Reportable segment information for the nine months ended September 30, 2023 is as follows:

 

 

Audio

 

 

Digital

 

 

Other

 

 

Corporate

 

 

Total

 

Net revenue

 

$

146,198,774

 

 

$

33,455,935

 

 

$

1,705,891

 

 

$

-

 

 

$

181,360,600

 

Operating expenses

 

 

118,200,967

 

 

 

30,804,774

 

 

 

3,092,520

 

 

 

-

 

 

 

152,098,261

 

Corporate expenses

 

 

-

 

 

 

-

 

 

 

-

 

 

 

13,381,403

 

 

 

13,381,403

 

Depreciation and amortization

 

 

5,253,581

 

 

 

141,364

 

 

 

595,746

 

 

 

636,283

 

 

 

6,626,974

 

FCC licenses impairment losses

 

 

88,245,065

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

88,245,065

 

Goodwill impairment loss

 

 

10,582,360

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

10,582,360

 

Operating income (loss)

 

$

(76,083,199

)

 

$

2,509,797

 

 

$

(1,982,375

)

 

$

(14,017,686

)

 

$

(89,573,463

)

 

 

Audio

 

 

Digital

 

 

Other

 

 

Corporate

 

 

Total

 

Capital expenditures

 

$

2,975,897

 

 

$

13,184

 

 

$

25,534

 

 

$

46,101

 

 

$

3,060,716

 

 

Reportable segment information for the nine months ended September 30, 2022 is as follows:

 

 

Audio

 

 

Digital

 

 

Other

 

 

Corporate

 

 

Total

 

Net revenue

 

$

153,778,711

 

 

$

28,769,331

 

 

$

1,805,964

 

 

$

-

 

 

$

184,354,006

 

Operating expenses

 

 

126,507,373

 

 

 

25,810,560

 

 

 

2,829,907

 

 

 

-

 

 

 

155,147,840

 

Corporate expenses

 

 

-

 

 

 

-

 

 

 

-

 

 

 

13,933,292

 

 

 

13,933,292

 

Depreciation and amortization

 

 

4,706,333

 

 

 

56,959

 

 

 

2,096,270

 

 

 

564,086

 

 

 

7,423,648

 

FCC licenses impairment losses

 

 

4,619,772

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,619,772

 

Goodwill impairment losses

 

 

5,856,551

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

5,856,551

 

Operating income (loss)

 

$

12,088,682

 

 

$

2,901,812

 

 

$

(3,120,213

)

 

$

(14,497,378

)

 

$

(2,627,097

)

 

 

Audio

 

 

Digital

 

 

Other

 

 

Corporate

 

 

Total

 

Capital expenditures

 

$

10,738,350

 

 

$

36,785

 

 

$

59,084

 

 

$

398,693

 

 

$

11,232,912

 

 

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

 

 

Audio

 

 

Digital

 

 

Other

 

 

Corporate

 

 

Total

 

Property and equipment, net

 

$

49,202,607

 

 

$

102,950

 

 

$

79,095

 

 

$

3,094,734

 

 

$

52,479,386

 

FCC licenses

 

 

393,976,500

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

393,976,500

 

Goodwill

 

 

-

 

 

 

922,000

 

 

 

1,761,100

 

 

 

-

 

 

 

2,683,100

 

Other intangibles, net

 

 

1,741,182

 

 

 

874,315

 

 

 

4,698,716

 

 

 

179,663

 

 

 

7,493,876

 

Assets held for sale

 

 

4,827,864

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,827,864

 

 

 

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