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v3.25.3

Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Summary of reportable segment information | Reportable segment information for the three months ended September 30, 2025 is as follows:
|  | Audio |  |  | Digital |  |  | Corporate |  |  | Total |
Net revenue |  | $ | 38,030,320 |  |  | $ | 12,946,726 |  |  | $ | — |  |  | $ | 50,977,046 |
Operating expenses |  |  | 35,863,262 |  |  |  | 10,221,544 |  |  |  | — |  |  |  | 46,084,806 |
Corporate expenses |  |  | — |  |  |  | — |  |  |  | 2,161,204 |  |  |  | 2,161,204 |
Depreciation and amortization |  |  | 1,400,601 |  |  |  | 14,419 |  |  |  | 115,070 |  |  |  | 1,530,090 |
Other operating expenses |  |  | 1,737,622 |  |  |  | — |  |  |  | — |  |  |  | 1,737,622 |
Operating income (loss) |  | $ | (971,165 | ) |  | $ | 2,710,763 |  |  | $ | (2,276,274 | ) |  | $ | (536,676 | )
|  | Audio |  |  | Digital |  |  | Corporate |  |  | Total |
Capital expenditures |  | $ | 899,023 |  |  | $ | (1,713 | ) |  | $ | 1,324,193 |  |  | $ | 2,221,503 |
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 loss |  |  | — |  |  |  | 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 nine months ended September 30, 2025 is as follows:
|  | Audio |  |  | Digital |  |  | Corporate |  |  | Total |
Net revenue |  | $ | 116,002,560 |  |  | $ | 36,886,662 |  |  | $ | — |  |  | $ | 152,889,222 |
Operating expenses |  |  | 107,353,557 |  |  |  | 28,722,708 |  |  |  | — |  |  |  | 136,076,265 |
Corporate expenses |  |  | — |  |  |  | — |  |  |  | 9,949,909 |  |  |  | 9,949,909 |
Depreciation and amortization |  |  | 4,330,896 |  |  |  | 77,395 |  |  |  | 363,144 |  |  |  | 4,771,435 |
Other operating expenses |  |  | 1,737,622 |  |  |  | — |  |  |  | — |  |  |  | 1,737,622 |
Operating income (loss) |  | $ | 2,580,485 |  |  | $ | 8,086,559 |  |  | $ | (10,313,053 | ) |  | $ | 353,991 |
|  | Audio |  |  | Digital |  |  | Corporate |  |  | Total |
Capital expenditures |  | $ | 1,711,884 |  |  | $ | — |  |  | $ | 1,882,957 |  |  | $ | 3,594,841 |
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 loss |  |  | — |  |  |  | 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 as of September 30, 2025 is as follows:
|  | Audio |  |  | Digital |  |  | Corporate |  |  | Total |
Property and equipment, net |  | $ | 39,407,176 |  |  | $ | — |  |  | $ | 4,367,820 |  |  | $ | 43,774,996 |
FCC licenses |  |  | 379,526,349 |  |  | — |  |  | — |  |  |  | 379,526,349 |
Other intangibles, net |  |  | 1,446,174 |  |  | — |  |  |  | — |  |  |  | 1,446,174 |
Assets held for sale |  |  | 6,183,987 |  |  | — |  |  | — |  |  |  | 6,183,987 |
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 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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