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Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information
(14)
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 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