XML 27 R15.htm IDEA: XBRL DOCUMENT v3.25.1

Dispositions

12 Months Ended

Dec. 31, 2024

Business Combinations [Abstract]

Dispositions

(3)Dispositions

On December 13, 2023, the Company completed the termination of its esports operations. The Company received a $6.0 million termination payment from the esports league in the fourth quarter of 2023. The Company no longer has esports operations after completion of the termination. However, management determined that the termination did not represent a strategic shift that would have significant effect on the Company's operations and financial results; therefore, the esports operations have not been reported as discontinued operations. The Company recorded a loss on termination of $0.3 million during the fourth quarter of 2023.

The loss on termination is summarized as follows:

Termination payment		$	6,000,000
Goodwill (see Note 6)			(1,761,100	)
Other intangibles (see Note 7)			(4,529,447	)
Loss on termination		$	(290,547	)

In addition, the remaining $6.0 million franchise fee payable to the esports league was forgiven by the esports league and is reported in the accompanying consolidated statement of comprehensive loss for the year ended December 31, 2023.

On October 5, 2023, the Company completed the sale of substantially all of the assets used in the operation of WJBR-FM in Wilmington, DE to a third party for $5.0 million in cash. During the second quarter of 2023, due to the potential sale of these assets, the Company recorded and impairment loss of $10.0 million related to the FCC license. The Company no longer has operations in the Wilmington, DE market after completion of the disposition. However, management determined that the disposition did not represent a strategic shift that would have significant effect on the Company's operations and financial results; therefore, the operations in the Wilmington, DE market have not been reported as discontinued operations. The Company recorded a gain on disposition of approximately $18,000 during the fourth quarter of 2023.

On September 11, 2023, the Company completed the sale of substantially all of the assets used in the operations of WWWE-AM in Atlanta, GA to a third party for $250,000 in cash.

X

- References

No definition available.

+ Details

Name:	us-gaap_BusinessCombinationsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 805
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805/tableOfContent

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/205-20/tableOfContent

+ Details

Name:	us-gaap_MergersAcquisitionsAndDispositionsDisclosuresTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration