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Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:      
Net loss $ (67,536,837) $ (81,504,032) $ (17,547,579)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Stock-based compensation   533,421 876,174
Provision for credit losses 481,016 1,006,830 853,938
Depreciation and amortization 2,201,664 6,626,974 7,423,648
FCC licenses impairment losses 78,204,065 88,245,065 4,619,772
Goodwill impairment losses 10,582,360 10,582,360 5,856,551
Amortization of loan fees   1,097,214 1,123,935
Gain on debt purchases   (973,208) (1,131,346)
Deferred income taxes   (26,977,992) (4,232,949)
Equity in earnings of unconsolidated affiliates 18,744 135,877 (141,154)
Change in operating assets and liabilities:      
Accounts receivable   7,989,945 5,827,751
Prepaid expenses   (5,558,093) (5,925,056)
Other assets   2,572,946 (1,890,763)
Accounts payable   (3,964,866) 5,822,312
Other liabilities   (4,887,810) 808,125
Other operating activities   70,484 (51,972)
Net cash provided by (used in) operating activities   (5,004,885) 2,291,387
Cash flows from investing activities:      
Payment for acquisition     (2,000,000)
Capital expenditures   (3,060,716) (11,218,937)
Proceeds from dispositions   250,000 1,185,312
Net cash used in investing activities   (2,810,716) (12,033,625)
Cash flows from financing activities:      
Payments on debt   (1,983,750) (8,677,500)
Reduction of finance lease liabilities     (1,945)
Purchase of treasury stock   (69,838) (108,091)
Net cash used in financing activities   (2,053,588) (8,787,536)
Net decrease in cash and cash equivalents   (9,869,189) (18,529,774)
Cash and cash equivalents at beginning of period   39,534,653 51,378,642
Cash and cash equivalents at end of period $ 29,665,464 29,665,464 32,848,868
Cash paid for interest   24,946,655 25,564,611
Cash paid for income taxes   $ 1,353,057 $ 1,547,500