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Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information
(11)
Segment Information

The Company currently operates two operating and reportable segments (Audio and Digital). 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 include 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 income (loss).

Reportable segment information for the three months ended March 31, 2025 is as follows:

 

 

Audio

 

 

Digital

 

 

Corporate

 

 

Total

 

Net revenue

 

$

38,153,370

 

 

$

10,759,095

 

 

$

—

 

 

$

48,912,465

 

Operating expenses

 

 

36,394,976

 

 

 

8,846,285

 

 

 

—

 

 

 

45,241,261

 

Corporate expenses

 

 

—

 

 

 

—

 

 

 

4,019,462

 

 

 

4,019,462

 

Depreciation and amortization

 

 

1,493,963

 

 

 

31,488

 

 

 

126,880

 

 

 

1,652,331

 

Operating income (loss)

 

$

264,431

 

 

$

1,881,322

 

 

$

(4,146,342

)

 

$

(2,000,589

)

 

 

Audio

 

 

Digital

 

 

Corporate

 

 

Total

 

Capital expenditures

 

$

461,592

 

 

$

1,713

 

 

$

336,860

 

 

$

800,165

 

 

Reportable segment information for the three months ended March 31, 2024 is as follows:

 

 

Audio

 

 

Digital

 

 

Corporate

 

 

Total

 

Net revenue

 

$

43,428,127

 

 

$

10,952,219

 

 

$

—

 

 

$

54,380,346

 

Operating expenses

 

 

38,432,912

 

 

 

10,808,086

 

 

 

—

 

 

 

49,240,998

 

Corporate expenses

 

 

—

 

 

 

—

 

 

 

4,407,832

 

 

 

4,407,832

 

Depreciation and amortization

 

 

1,596,253

 

 

 

52,439

 

 

 

185,910

 

 

 

1,834,602

 

Operating income (loss)

 

$

3,398,962

 

 

$

91,694

 

 

$

(4,593,742

)

 

$

(1,103,086

)

 

 

Audio

 

 

Digital

 

 

Corporate

 

 

Total

 

Capital expenditures

 

$

821,735

 

 

$

—

 

 

$

125,989

 

 

$

947,724

 

 

Reportable segment information as of March 31, 2025 is as follows:

 

 

Audio

 

 

Digital

 

 

Corporate

 

 

Total

 

Property and equipment, net

 

$

42,042,163

 

 

$

56,987

 

 

$

3,057,987

 

 

$

45,157,137

 

FCC licenses

 

 

392,259,831

 

 

—

 

 

—

 

 

 

392,259,831

 

Other intangibles, net

 

 

1,541,544

 

 

 

304,076

 

 

 

179,663

 

 

 

2,025,283

 

 

 

 

Reportable segment information as of December 31, 2024 is as follows:

 

 

Audio

 

 

Digital

 

 

Corporate

 

 

Total

 

Property and equipment, net

 

$

44,089,751

 

 

$

63,220

 

 

$

2,848,007

 

 

$

47,000,978

 

FCC licenses

 

 

392,259,831

 

 

—

 

 

—

 

 

 

392,259,831

 

Other intangibles, net

 

 

1,574,817

 

 

 

327,618

 

 

 

179,663

 

 

 

2,082,098