XML 28 R16.htm IDEA: XBRL DOCUMENT v3.25.1
Property and Equipment
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment
(4)
Property and Equipment

Property and equipment is comprised of the following:

 

 

December 31,

 

 

Estimated
useful lives

 

 

2023

 

 

2024

 

 

(years)

 

Land

 

$

13,322,390

 

 

$

13,110,390

 

 

 

—

 

Buildings and improvements

 

 

37,255,078

 

 

 

37,353,496

 

 

15-30

 

Broadcast equipment

 

 

34,781,546

 

 

 

36,077,763

 

 

5-15

 

Transportation equipment

 

 

2,265,706

 

 

 

1,996,366

 

 

5

 

Office equipment

 

 

9,629,737

 

 

 

10,067,711

 

 

5-10

 

Construction in progress

 

 

430,175

 

 

 

995,744

 

 

 

—

 

 

 

97,684,632

 

 

 

99,601,470

 

 

 

 

Less accumulated depreciation and amortization

 

 

(46,209,878

)

 

 

(52,600,492

)

 

 

 

 

$

51,474,754

 

 

$

47,000,978

 

 

 

 

 

On October 28, 2024, the Company completed the sale of a building in Belmar, NJ to a third party for $1.2 million in cash. The Company recorded a gain on disposition of $0.8 million during the fourth quarter of 2024.

 

The Company recorded depreciation expense of $7.8 million and $7.0 million for the years ended December 31, 2023 and 2024, respectively.