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Segment Information
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Information
(12)
Segment Information

The Company currently operates two operating and reportable segments (Audio and Digital). The Company also operated an
esports segment until December 13, 2023. 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 expenses 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 net loss.

Reportable segment information for the three months ended June 30, 2024 is as follows:

 

 

Audio

 

 

Digital

 

 

Corporate

 

 

Total

 

Net revenue

 

$

47,430,080

 

 

$

13,005,577

 

 

$

-

 

 

$

60,435,657

 

Operating expenses

 

 

39,468,898

 

 

 

9,878,895

 

 

 

-

 

 

 

49,347,793

 

Corporate expenses

 

 

-

 

 

 

-

 

 

 

3,879,771

 

 

 

3,879,771

 

Depreciation and amortization

 

 

1,594,673

 

 

 

52,440

 

 

 

185,781

 

 

 

1,832,894

 

Operating income (loss)

 

$

6,366,509

 

 

$

3,074,242

 

 

$

(4,065,552

)

 

$

5,375,199

 

 

 

Audio

 

 

Digital

 

 

Corporate

 

 

Total

 

Capital expenditures

 

$

841,355

 

 

$

8,925

 

 

$

186,847

 

 

$

1,037,127

 

 

 

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 six months ended June 30, 2024 is as follows:

 

 

Audio

 

 

Digital

 

 

Corporate

 

 

Total

 

Net revenue

 

$

90,858,207

 

 

$

23,957,796

 

 

$

-

 

 

$

114,816,003

 

Operating expenses

 

 

77,901,810

 

 

 

20,686,981

 

 

 

-

 

 

 

98,588,791

 

Corporate expenses

 

 

-

 

 

 

-

 

 

 

8,287,603

 

 

 

8,287,603

 

Depreciation and amortization

 

 

3,190,926

 

 

 

104,879

 

 

 

371,691

 

 

 

3,667,496

 

Operating income (loss)

 

$

9,765,471

 

 

$

3,165,936

 

 

$

(8,659,294

)

 

$

4,272,113

 

 

 

Audio

 

 

Digital

 

 

Corporate

 

 

Total

 

Capital expenditures

 

$

1,663,090

 

 

$

8,925

 

 

$

312,836

 

 

$

1,984,851

 

 

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 loss

 

 

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 as of June 30, 2024 is as follows:

 

 

Audio

 

 

Digital

 

 

Corporate

 

 

Total

 

Property and equipment, net

 

$

46,844,784

 

 

$

152,088

 

 

$

2,922,197

 

 

$

49,919,069

 

FCC licenses

 

 

393,006,900

 

 

 

-

 

 

 

-

 

 

 

393,006,900

 

Goodwill

 

 

-

 

 

 

922,000

 

 

 

-

 

 

 

922,000

 

Other intangibles, net

 

 

1,641,363

 

 

 

755,878

 

 

 

179,663

 

 

 

2,576,904

 

 

Reportable segment information as of December 31, 2023 is as follows:

 

 

Audio

 

 

Digital

 

 

Other

 

 

Corporate

 

 

Total

 

Property and equipment, net

 

$

48,324,618

 

 

$

95,003

 

 

$

74,081

 

 

$

2,981,052

 

 

$

51,474,754

 

FCC licenses

 

 

393,006,900

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

393,006,900

 

Goodwill

 

 

-

 

 

 

922,000

 

 

 

-

 

 

 

-

 

 

 

922,000

 

Other intangibles, net

 

 

1,707,909

 

 

 

834,836

 

 

 

-

 

 

 

179,663

 

 

 

2,722,408