XML 9 R2.htm IDEA: XBRL DOCUMENT v3.24.3
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 27,802,179 $ 26,733,921
Accounts receivable, less allowance for credit losses of $1,752,058 in 2023 and $1,540,801 in 2024 49,111,535 53,424,196
Prepaid expenses 8,734,475 4,338,503
Other current assets 1,927,173 2,150,163
Total current assets 87,575,362 86,646,783
Property and equipment, net 48,768,141 51,474,754
Operating lease right-of-use assets 31,348,246 34,767,126
FCC licenses 393,006,900 393,006,900
Goodwill   922,000
Other intangibles, net 2,138,913 2,722,408
Other assets 8,641,225 4,727,967
Total assets 571,478,787 574,267,938
Current liabilities:    
Accounts payable 19,137,663 14,299,048
Operating lease liabilities 8,250,391 8,082,981
Other current liabilities 27,304,666 25,913,827
Total current liabilities 54,692,720 48,295,856
Long-term debt, net of unamortized debt issuance costs 265,209,926 264,203,010
Operating lease liabilities 29,669,724 33,440,246
Deferred tax liabilities 68,641,044 71,894,915
Total liabilities 425,645,656 425,289,303
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued
Additional paid-in capital 153,567,083 152,794,353
Treasury stock, Class A Common Stock; 186,872 shares in 2023; 193,556 shares in 2024 [1] (29,329,315) (29,239,179)
Retained earnings 21,214,300 25,042,926
Accumulated other comprehensive income 346,484 346,484
Total stockholders' equity 145,833,131 148,978,635
Total liabilities and stockholders' equity 571,478,787 574,267,938
Class A Common Stock [Member]    
Stockholders' equity:    
Common stock 17,917 17,389
Class B Common Stock [Member]    
Stockholders' equity:    
Common stock 16,662 16,662
Due to Related Parties [Member]    
Current liabilities:    
Other long-term liabilities 31,985 55,019
Nonrelated Party [Member]    
Current liabilities:    
Other long-term liabilities $ 7,400,257 $ 7,400,257
[1] The shares of Class A and Class B Common Stock have been retroactively adjusted to reflect the 1-for-20 Reverse Stock Split that occurred on September 23, 2024. See Note 15 for additional information.