XML 29 R21.htm IDEA: XBRL DOCUMENT v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information
(13)
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 loss.

Reportable segment information for the three months ended June 30, 2025 is as follows:

 

 

Audio

 

 

Digital

 

 

Corporate

 

 

Total

 

Net revenue

 

$

39,818,870

 

 

$

13,180,841

 

 

$

—

 

 

$

52,999,711

 

Operating expenses

 

 

35,095,319

 

 

 

9,654,879

 

 

 

—

 

 

 

44,750,198

 

Corporate expenses

 

 

—

 

 

 

—

 

 

 

3,769,243

 

 

 

3,769,243

 

Depreciation and amortization

 

 

1,436,332

 

 

 

31,488

 

 

 

121,194

 

 

 

1,589,014

 

Operating income (loss)

 

$

3,287,219

 

 

$

3,494,474

 

 

$

(3,890,437

)

 

$

2,891,256

 

 

 

Audio

 

 

Digital

 

 

Corporate

 

 

Total

 

Capital expenditures

 

$

351,269

 

 

$

—

 

 

$

221,904

 

 

$

573,173

 

 

 

Reportable segment information for the three months ended June 30, 2024 is as follows:

 

 

Audio

 

 

Digital

 

 

Corporate

 

 

Total

 

Net revenue

 

$

47,430,080

 

 

$

13,005,577

 

 

$

—

 

 

$

60,435,657

 

Operating expenses

 

 

39,468,898

 

 

 

9,878,895

 

 

 

—

 

 

 

49,347,793

 

Corporate expenses

 

 

—

 

 

 

—

 

 

 

3,879,771

 

 

 

3,879,771

 

Depreciation and amortization

 

 

1,594,673

 

 

 

52,440

 

 

 

185,781

 

 

 

1,832,894

 

Operating income (loss)

 

$

6,366,509

 

 

$

3,074,242

 

 

$

(4,065,552

)

 

$

5,375,199

 

 

 

Audio

 

 

Digital

 

 

Corporate

 

 

Total

 

Capital expenditures

 

$

841,355

 

 

$

8,925

 

 

$

186,847

 

 

$

1,037,127

 

Reportable segment information for the six months ended June 30, 2025 is as follows:

 

 

Audio

 

 

Digital

 

 

Corporate

 

 

Total

 

Net revenue

 

$

77,972,240

 

 

$

23,939,936

 

 

$

—

 

 

$

101,912,176

 

Operating expenses

 

 

71,490,295

 

 

 

18,501,164

 

 

 

—

 

 

 

89,991,459

 

Corporate expenses

 

 

—

 

 

 

—

 

 

 

7,788,705

 

 

 

7,788,705

 

Depreciation and amortization

 

 

2,930,295

 

 

 

62,976

 

 

 

248,074

 

 

 

3,241,345

 

Operating income (loss)

 

$

3,551,650

 

 

$

5,375,796

 

 

$

(8,036,779

)

 

$

890,667

 

 

 

Audio

 

 

Digital

 

 

Corporate

 

 

Total

 

Capital expenditures

 

$

812,861

 

 

$

1,713

 

 

$

558,764

 

 

$

1,373,338

 

 

Reportable segment information for the six months ended June 30, 2024 is as follows:

 

 

Audio

 

 

Digital

 

 

Corporate

 

 

Total

 

Net revenue

 

$

90,858,207

 

 

$

23,957,796

 

 

$

—

 

 

$

114,816,003

 

Operating expenses

 

 

77,901,810

 

 

 

20,686,981

 

 

 

—

 

 

 

98,588,791

 

Corporate expenses

 

 

—

 

 

 

—

 

 

 

8,287,603

 

 

 

8,287,603

 

Depreciation and amortization

 

 

3,190,926

 

 

 

104,879

 

 

 

371,691

 

 

 

3,667,496

 

Operating income (loss)

 

$

9,765,471

 

 

$

3,165,936

 

 

$

(8,659,294

)

 

$

4,272,113

 

 

 

Audio

 

 

Digital

 

 

Corporate

 

 

Total

 

Capital expenditures

 

$

1,663,090

 

 

$

8,925

 

 

$

312,836

 

 

$

1,984,851

 

 

Reportable segment information as of June 30, 2025 is as follows:

 

 

Audio

 

 

Digital

 

 

Corporate

 

 

Total

 

Property and equipment, net

 

$

40,859,507

 

 

$

49,041

 

 

$

3,158,697

 

 

$

44,067,245

 

FCC licenses

 

 

385,074,211

 

 

—

 

 

—

 

 

 

385,074,211

 

Other intangibles, net

 

 

1,508,271

 

 

 

280,534

 

 

 

179,663

 

 

 

1,968,468

 

Assets held for sale

 

 

7,316,486

 

 

—

 

 

—

 

 

 

7,316,486

 

 

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