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Segment Information
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Information
(14)
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: 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 September 30, 2024 is as follows:

 

 

Audio

 

 

Digital

 

 

Corporate

 

 

Total

 

Net revenue

 

$

46,889,920

 

 

$

11,300,196

 

 

$

-

 

 

$

58,190,116

 

Operating expenses

 

 

39,516,786

 

 

 

10,429,347

 

 

 

-

 

 

 

49,946,133

 

Corporate expenses

 

 

-

 

 

 

-

 

 

 

4,296,615

 

 

 

4,296,615

 

Depreciation and amortization

 

 

1,566,575

 

 

 

36,801

 

 

 

184,750

 

 

 

1,788,126

 

Goodwill impairment losses

 

 

-

 

 

 

922,000

 

 

 

-

 

 

 

922,000

 

Operating income (loss)

 

$

5,806,559

 

 

$

(87,952

)

 

$

(4,481,365

)

 

$

1,237,242

 

 

 

 

Audio

 

 

Digital

 

 

Corporate

 

 

Total

 

Capital expenditures

 

$

417,497

 

 

$

(8,925

)

 

$

233,617

 

 

$

642,189

 

 

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 losses

 

 

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 nine months ended September 30, 2024 is as follows:

 

 

Audio

 

 

Digital

 

 

Corporate

 

 

Total

 

Net revenue

 

$

137,748,127

 

 

$

35,257,992

 

 

$

-

 

 

$

173,006,119

 

Operating expenses

 

 

117,418,596

 

 

 

31,116,328

 

 

 

-

 

 

 

148,534,924

 

Corporate expenses

 

 

-

 

 

 

-

 

 

 

12,584,218

 

 

 

12,584,218

 

Depreciation and amortization

 

 

4,757,501

 

 

 

141,680

 

 

 

556,441

 

 

 

5,455,622

 

Goodwill impairment losses

 

 

-

 

 

 

922,000

 

 

 

-

 

 

 

922,000

 

Operating income (loss)

 

$

15,572,030

 

 

$

3,077,984

 

 

$

(13,140,659

)

 

$

5,509,355

 

 

 

Audio

 

 

Digital

 

 

Corporate

 

 

Total

 

Capital expenditures

 

$

2,080,587

 

 

$

-

 

 

$

546,453

 

 

$

2,627,040

 

 

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 losses

 

 

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 as of September 30, 2024 is as follows:

 

 

Audio

 

 

Digital

 

 

Corporate

 

 

Total

 

Property and equipment, net

 

$

45,725,915

 

 

$

71,162

 

 

$

2,971,064

 

 

$

48,768,141

 

FCC licenses

 

 

393,006,900

 

 

 

-

 

 

 

-

 

 

 

393,006,900

 

Other intangibles, net

 

 

1,608,090

 

 

 

351,160

 

 

 

179,663

 

 

 

2,138,913

 

 

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