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Segment Information (Tables)

9 Months Ended

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

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- References

No definition available.

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